US stocks open the quarter with fresh highs; GBP/USD fresh highs since 2008

By FXstreet.com | July 01, 2014 AAA

FXStreet (San Francisco) - Wall Street started the third quarter with strong gains as investors digested US manufacturing data that show the indexes remain in the expansionary field.



Tuesday was the best day in US stocks since May as the Nasdaq closed at 14-year highs, the Dow traded 2 points shy of the 17,000 level and S&P reached fresh all-time highs.



The Dow Jones advanced 129.44 points or 0.77% to finish at 16,956.04; the S&P 500 added 13.08 pts or 0.67% to close at 1,973.31; while the Nasdaq Composite jumped 50.47 pts or 1.14% to wrap up the session at 4,458.65.



On currencies, the Sterling was the king with the GBP/USD extending gains to reach fresh highs since 2008 at 1.7165. In an interview in the Live Analysis Room, independent trader Vladimir Ribakov affirmed that the GBP/USD could trade as high as 1.8000/1.8500 into year end.



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