fxstreet.com 11 Feb, 2021 22:15 am

S&P 500 still firmly supported above 3900 level

S&P 500 still firmly supported above 3900 level
Price action in the major US equity bourses was somewhat reminiscent of that seen in Wednesday’s session; stocks saw some selling pressure in the earl

The outlook for US fiscal stimulus, Fed policy, the path of the pandemic and the path of the US economy all still look rosy.Meanwhile, moves are already being made towards securing support in Congress for part 2 of US President Joe Biden’s stimulus promises.(Note that Biden’s stimulus proposals amount to a $1.Markets still expect more fiscal stimulus from the US Congress (which is distracted at the moment by former US President Donald Trump’s second impeachment trial).

Chipmakers also faired well amid the ongoing shortage and on the news that the Biden administration is looking into taking action to address the shortage.Meanwhile, it appears as though steps are being taken to mend international relationships that frayed under the Trump administration; the US has indicated that it wants to find a solution to the Boeing/Airbus dispute (a move that will please the EU) and the US has taken the first step in de-escalation by pausing the rotation of tariffs across various EU imports that it was permitted to implement by the WTO amid the ongoing aircraft subsidy dispute (again, a move that will please the EU).

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