U.S. equity markets closed lower but held onto the low posted earlier in the day after the Federal Reserve said the economy was “proceeding” rather than strengthening like it had said in its last report in April. This change in language helped pressure the stock market but failed to trigger an all out selling frenzy.
Signs of improvement in the U.S. economy helped the March E-mini S&P 500 push through recent resistance at 1112.75 to turn the main trend to up. The strong close in the Dow has this average in a position to challenge the last main top at 10434. Strong demand for technology stocks helped drive the March NASDAQ through the recent main top at 1833.00.
All three major stock indices finished the day sharply higher after earlier weakness driven by a possible pact between the EU and Greece and better than expected weekly jobs data.
