Tuesday, 02 January 2024 12:17 GMT

Wall Street Poised For Year-End Blast As Shutdown Progress Looms


(MENAFN- Investor Ideas) Investorideas ( Newswire) a go-to platform for big investing ideas, including crypto stocks issues market commentary from deVere Group.

Global stocks extending gains signals that a powerful year-end surge could be imminent, predicts the CEO of one of the world's largest independent financial advisory organizations.

The comments from Nigel Green of deVere Group come as the US Senate on Sunday advanced a funding bill aimed at reopening the federal government and ending a shutdown that has now stretched to around 40 days – the longest in US history – a move that has injected fresh optimism into global markets.

Stocks rose across major regions on Monday as investors bet that progress in Washington could unlock a powerful year-end rally.

In Europe, the pan-regional Stoxx 600 gained around 1%, with Germany's DAX and France's CAC 40 both up by roughly 1–1.6%. In Asia, Japan's Nikkei climbed about 1.3%, South Korea's Kospi jumped close to 3%, and Hong Kong's Hang Seng gained around 1.5–1.6%. US futures pointed higher, with Nasdaq futures up more than 1% and S&P 500 futures rising around 0.7–0.8%.

Risk sentiment also showed up in other assets. Bitcoin traded back above $106,000 after a gain of around 4–5% in the past 24 hours, while spot gold moved to just over $4,070 a troy ounce, extending recent advances as investors balanced renewed appetite for risk with demand for portfolio insurance.

Nigel Green says:

He notes that the mood is turning against the backdrop of already strong equity performance this year.

Nigel Green says the reaction is exactly what you would expect when a major source of uncertainty starts to lift.

He stresses that the underlying conditions for a year-end surge are already in place.

Nigel Green also highlights that the rally is broader than just AI and tech.

He points to digital assets as an important sentiment barometer.

However, Nigel Green warns that the optimism is conditional.

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