Eleanor Creagh | Source | Australian Market's Strategist at SAXO MARKETS
Eleanor Creagh
Eleanor Creagh joined Saxo in 2018 and serves as the bank’s Australian Market Strategist, responsible for creating, implementing, and monitoring equity strategies and research for traders and investors. Her trading ideas and financial market insights serve as a resource for Saxo’s Global Sales Trading team. Eleanor also regularly shares her market views to support traders and investors finding signals amid market noise.
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SAXO MARKETS
Australian Market's Strategist
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Banks Lead U.S. Stocks Higher With Yields Climbing: Markets Wrap
(Bloomberg) -- U.S. stocks rose as banks rallied on a jump in Treasury yields jumped, while lawmakers in Washington continue to haggle over a spending bill. The S&P 500 pared its weekly decline as financial firms rallied almost 2%. The 10-year Treasury yield popped to 0.84%, its highest since June. Energy producers also surged, rebounding with oil from a prior-day selloff. Small caps rose 1.5%. Investors remained fixated on Washington, where lawmakers continue to work toward a package to bolster the economy. While House speaker Nancy Pelosi signaled optimism on a deal with the administration, opposition remains in the Republican-controlled Senate, making a pact before the election less likely. Tech shares underperformed. AT&T Inc. rallied after the phone giant added more wireless subscribers than analysts estimated. Data showed a drop in jobless claims, suggesting the labor market is still gradually recovering. “Earnings are heating up and they are generally coming...
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With no meaningful progress on fiscal policy, markets are reacting to the heightened political instability that comes with the confirmation of efforts to manipulate the presidential race. The ability for either candidate to seize upon accusations of foreign interference is heightened and raises the probability of a contested outcome, particularly as the race could be closer than polls currently indicate.
