Singapore Stock Market News
Market Commentary: S&P 500 at its highest since early June
StockFanatic
Publish date: Thu, 16 Jul 2020, 11:06 AM
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· US stocks ended sharply higher on Wednesday, with the S&P 500 at its highest since early June, following promising early data for a potential Covid-19 vaccine and a strong quarterly report from Goldman Sachs.
· Adding to investors' enthusiasm, the Federal Reserve's Beige Book survey showed US businesses saw an uptick in activity into the beginning of July, as states eased restrictions to contain the novel coronavirus pandemic.
· The Dow Jones Industrial Average rose 0.85% to end at 26,870.03 points, while the S&P 500 gained 0.91% to 3,226.55. The Nasdaq Composite climbed 0.59% to 10,550.49.
· Asian markets were choppy on barbs between Beijing and Washington over Hong Kong, but European bourses rose almost 2%, the mood fairly 'risk on' on vaccine hopes.
· Europe's growth-sensitive sectors such as travel & leisure and industrial companies led gains. The European Central Bank started a two-day meeting, though no major announcement is expected when it concludes on Thursday.
· A slew of economic data in China that will provide clues on the path of economic recovery from the pandemic.
· In contrast to his recent combative public tone, President Donald Trump has apparently indicated that he doesn't want to further escalate tensions with Beijing, and has ruled out additional sanctions on top officials for now, which may be good news for markets if true.
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