Stocks Move Up on Monday

<h3>USA500, Daily</h3>
<p>US equities have opened positively and the USA500 moved back to the key 61.8 Fibonacci level of the March 23 low. Overnight gains have extended higher after Moderna shares surged following the company’s report of positive data for an experimental coronavirus vaccine. Stocks were already in rally mode before Moderna’s announcement, keying off upbeat comments from Fed Chair Powell and ECB chief economist Lane over the weekend. Optimism over the ability of economies to restart has also supported. Powell said the Fed is not out of ammunition and could do more, while warning that he wouldn’t bet against the US economy neither in the short nor the long run.</p>
<p><a href="https://analysis.hotforex.com/wp-content/uploads/2020/05/2020-05-18_16-44-19.jpg"><img class=" wp-image-132614 aligncenter" src="https://analysis.hotforex.com/wp-content/uploads/2020/05/2020-05-18_16-44-19-300×244.jpg" alt="" width="408" height="332" srcset="/wp-content/uploads/2020/05/2020-05-18_16-44-19-300×244.jpg 300w, /wp-content/uploads/2020/05/2020-05-18_16-44-19-696×567.jpg 696w, /wp-content/uploads/2020/05/2020-05-18_16-44-19-516×420.jpg 516w, /wp-content/uploads/2020/05/2020-05-18_16-44-19.jpg 717w" sizes="(max-width: 408px) 100vw, 408px" /></a></p>
<p>The S&amp;P500 is up 2.4%, the Dow has climbed 3.0% to 24,356 and the NASDAQ has firmed 1.7% and opened at 9,167. European bourses are well into the green too, with the Euro Stoxx 3.7% higher, Germany’s DAX jumping 4.2% and France’s CAC 40 up 3.8%. The UK’s FTSE 100 has risen 3.1%. Asian shares saw mild gains, with China’s CSI 300 edging up 0.3% and Hong Kong’s Hang Seng improving 0.6%. Japan’s Nikkei 225 rose 0.5%, assisted by a less severe than anticipated drop in Q1 GDP.</p>
<p>Levels to watch on the USA500 include; 50.0 Fibonacci level (2,800), 50-day moving average (2,700) and beyond the 61.8 Fibonacci level is the 200-day moving average and psychological round number 3,000.</p>
<p><strong>Click </strong><a href="https://www.hotforex.com/en/trading-tools/economic-calendar.html"><strong>here</strong></a><strong> to access the HotForex Economic Calendar</strong></p>
<p><strong>Stuart Cowell</strong></p>
<p><strong>Head Market Analyst</strong></p>
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