Dallas Fed Manufacturing Index Rises To +3.4; SP500 Rebounds From Session Lows

Today, traders also had a chance to take a look at the Pending Home Sales report for November. The report showed that Pending Home Sales increased by 2.2% month-over-month, compared to analyst forecast of +0.7%. On a year-over-year basis, Pending Home Sales increased by 6.9%.

Chicago PMI declined from 40.2 in November to 36.9 in December, while analysts expected that it would increase to 42.5.

U.S. Dollar Index settled near the 108.20 level as traders reacted to the better-than-expected Dallas Fed Manufacturing Index report. From the technical point of view, U.S. Dollar Index remains stuck below the resistance at 108.30 – 108.50.

Gold pulled back towards the $2600 level as traders focused on strong U.S. dollar. Falling Treasury yields did not provide support to gold markets today.

SP500 made an attempt to rebound from session lows after the release of the Dallas Fed Manufacturing Index report. From a big picture point of view, SP500 remains under pressure amid profit-taking.

For a look at all of today’s economic events, check out our economic calendar.