Market Update: Dow Jones Industrial Average Closed Higher on January 29, 2019

The investors in the US markets are expected to remain busy with earnings announcements and these announcements can also affect the performance of the broader markets. Another event on which the market players are focusing is the Federal Reserve meeting. As the market players are aware, the financial markets are very sensitive to the decision with respect to the interest rates, hence, it is very crucial to track the Fed meeting. There are expectations among the global market trackers that the US Federal Reserve would be patient with respect to the interest rate hikes moving forward. This stance of the US central bank is very important considering the worries with regards to the global economic slowdown.

These worries were increased after the news about the weaker Chinese economy came to the notice of global market players. The trade war between the US and China can severely dampen the growth momentum of the global markets. However, on January 29, 2019, Dow Jones Industrial Average closed the session higher as the index closed at 24,579.96 which implies the rise of 51.74 points or 0.21%.

What Factors Could Affect the Oil Prices?

The oil prices are primarily sensitive to the global macro-economic conditions and movement in the financial markets. The factors which could affect the movement of the financial markets can also affect the oil prices movement. Therefore, any factor which negatively impacts the broader financial markets could also pull the prices of oil down. Also, the oil prices are very sensitive to the trade tensions between the US and China as the trade war can disrupt the global business environment and has the potential to dampen the sentiments of the consumers. The global markets are very sensitive to the news related to the trade wars. If the trade battle between the US and China ends, there are expectations that it might support broader financial markets as well as the sentiments of the consumers which could positively impact the oil prices.

A Look at The Australian Markets

Today, the Australian markets closed the session marginally higher as S&P/ASX200 was slightly up. On January 30, 2019, S&P/ASX200 closed the session at 5886.7 which implies a marginal rise of 12.5 points or 0.2%. The Australian markets are expected to be sensitive to the movements of the global financial markets. On January 30, 2019, Bellamy’s Australia Limited (ASX: BAL) and Fortescue Metals Group (ASX: FMG) have closed the session higher as these stocks rose by 9.673% and 7.753%, respectively.

However, the stocks like Syrah Resources Limited (ASX: SYR) and G.U.D. Holdings Limited (ASX: GUD) closed the session lower as these stocks fell by 13.433% and 9.016%, respectively. Classic Minerals Limited (ASX: CLZ) had come forward and given an update with respect to the December quarter. Read the full news here. Also, Catapult Group (ASX: CAT) had made an announcement of H1 FY 2019 preliminary results. In order to read the full news here.


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