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Strong economic data pushing global stocks to record levels

6 Apr 2021 11:17 AM

Global stocks hit record highs today, supported by strong economic data from China and the United States. Equities according to the MSCI 49-nation index hit their highest levels ever.

The pan-European STOXX 600 index hit a new record high with the opening of European markets. Profit taking pushed Japan's Nikkei index down 1%, and the Shanghai Composite also fell.

In the United States, the S&P 500 index hit new records near 4,100 levels, while the index futures fell slightly today, by 0.2%.

This positive performance came on the heels of the strong US jobs report last Friday, the service sector data, which represents more than two-thirds of US economic activity, showed record highs. The Chinese services sector also gained strength with the largest increase in sales in 3 months.

According to technical analysis, S&P 500 futures are expected to remain bullish as long as its trading remains above 4,000 levels, targeting more new record levels. With a break of that level, the door may open for a price drop, targeting 3,970 then 3,940.

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