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Current Futures: Dow +11.00, S&P +8.30, NASDAQ +20.00

U.S. markets rose as much as 1% on Wednesday, but retraced most of the gains shortly after the FOMC statement, which showed that the Fed is planning to implement the bond-purchase program by autumn. Additionally the statement showed that inflation is still not a major concern.
Ahead of the FOMC statement, most sectors were posting gains. The only exceptions were the healthcare and the consumer staples sectors, which posted small gains. However, the FOMC statement did have an impact on the market causing it to retrace most of its gains. The Fed’s statement did make a short reference about the gains in the commodity markets, suggesting that the central bank is closely watching this market, TheLFB-Forex.com Trade Team said. In the tech-driven NASDAQ, most companies advanced after Oracle topped analyst’s estimates for fourth quarter earnings. 

During the U.S. session, a release showed that orders for durable goods increased 1.8% in May, even though the market expected a negative number. The May report was the third increase in the last four months, and was pulled higher mainly by airplane and machinery orders. However, a different report showed that new home sales dropped 0.6% to 342K in May, hovering near the lowest rate on record. TheLFB-Forex.com Trade Team thinks that new home sales will remain subdued until the housing market reduces its huge inventories of unsold houses.

On Tuesday, the Dow Jones Index lost 10.51 points (0.13%) to 8,312.40, while the S&P 500 index gained 5.92 points (0.66%) to 901.02

Crude oil for July delivery was recently trading at $68.70 per barrel, lower by $0.50.

Gold for July delivery was recently trading up by $8.20 to $932.50.

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