Wednesday, 27 April 2016

Wall Street Closes on Positive note; S&P 500 Gains 3.91%

The dollar fell on Tuesday after weaker-than-expected U.S. economic data boosted expectations the Federal Reserve would hold interest rates lower for longer, while US Treasury yields touched five-week highs as traders made room for government debt supply ahead of the central bank's policy statement.

US durable goods orders rebounded less than anticipated in March and a survey of American consumer confidence missed expectations, adding to a slew of weak data on the US economy in the first quarter.

Tuesday's economic data "plays into the idea that the Fed need not be in any rush to raise rates," said Richard Franulovich, senior currency strategist at Westpac Banking Corporation in New York.

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