Market Commentary - November 29

American stock markets were trading much higher immediately after the opening; however it took Chairmen Powell’s remarks to get the marketplace racing. Comments that interest rates are “just under” neutral level were a change coming from latest statements and flashed a green light for stocks like a thunderbolt. 

The stock markets are yet to come to terms and conditions along with rising interest rates being good news about stocks and thus yesterday's move was more or less an emotional boost. We consequently came across the very best rally in almost eight months as the S&P500 gained 2.3%.

It had been another awful day for the price of crude oil which once again saw prices plummeting. OPEC, as well as Inventories concern, prompted sellers to push the price lower by 2.5% along with settling scarcely with a $50 handle.

NASDAQ market was the most impressive with a leap of just about 3.2% reclaiming a part of its more recent losses. Bitcoin crypto rallied more than 15% to deliver the best day this year so far.

US Oil Chart

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