Wall Street takes a break for Memorial Day
It is Memorial Day in the United States and it means the stock markets are closed. Traders take a break from buying and selling their favorite stocks, choosing to go on vacation instead. However, forex and crypto markets are open, each showing moderate participation. The biggest engines were Ethereum ETH and ripple XRP , both up more than 10%.
On the economic news front, there is nothing planned for today’s US session. Holiday calendars are generally vacant; this is certainly the case today. Nonetheless, Tuesday will be a much different story, as a group of construction reports and the ISM Manufacturing Index (May) are due to be released.
One of the benefits of a vacation is that it gives active traders a chance to reflect. For today, let’s take a look at DOW and see where that market is.
DOW close to all-weather peaks on Memorial Day
Heading into tomorrow’s post-Memorial Day session, the DOW is trading very close to 34,500. A bullish bias is warranted as US equities are feeding off rising inflation and the Fed’s extension ”QE unlimited policy ”.
Overview: There really isn’t much to say about the US stock market on Memorial Day 2021. Values continue to rise as government spending is set to hit its highest level since. the Second World War. And, although inflation is becoming a factor, the Fed appears determined to keep rates flat until at least 2022. For now, the COVID-19 recovery mantra remains intact – it means the DOW is rising and the USD is heading lower. It’s that simple.