Tue, 07 Jul 2020

NEW YORK, New York - U.S. stocks made modest gains on Monday, kicking off a new week, and month.

With the U.S, ablaze following six days of rioting protesting the death of African American George Floyd while in the custody of four now-fired Minneapolis police offices, a raging virus which has killed more than 100,000 Americans, and a president under siege, the move higher in stocks was surprising, and appears unsustainable.

"Certainly the pace of the stock market recovery can't continue at the pace it has been," Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago told the Reuters Thomson news agency Monday. "I'm stunned at how well the market's been doing."

"Most investors are saying the protests aren't going to destroy the economy," he added. "It's a roadblock but it's not as big as a pandemic."

At the close of trading Monday, the Dow Jones Industrial Average was ahead 91.91 points, or 0.36%, at 25,475.02.

The Standard and Poor's 500 rose 11.42 points, or 0.38%, to 3,055.73.

The Nasdaq Composite did best, advancing 62.18 points, or 0.66%, to 9,552.05.

The U.S. dollar got hit hard. The rot started in Asia but a couple of currencies clawed back a tiny portion of those losses in U.S. trading. The big winners on the day were the dollar-bloc currencies, particularly the Australian dollar which has now gained nearly thirteen cents or 24% since mid-March.

The euro cruised higher to 1.1135, its best level in ten weeks. The British pound climbed to 1.2490. The Japanese yen eased to 107.66. The Swiss franc came off earlier highs in Asia to trade at 0.9611, around the New York close Monday. The Canadian dollar jumped to 1.3572. The Australian dollar accelerated to 0.6803. The New Zealand dollar zoomed up to 0.6297.

Equity markets in Europe were mixed. The German Dax fell 1.45%, while in Paris the CAC 40 gained 1.43%.

In London, the FTSE 100 was up 1.48%.

On Asian markets, the Nikkei 225 in Japan strengthened by 184.50 points or 0.84% to 22,062.39.

In Hong Kong, the Hang Seng soared 771.05 points or 3.36% to 23,732.52.

China's Shanghai Composite rose 63.08 points or 2.21% to 2,915.43.

The Australian All Ordinaries advanced 66.20 points or 1.13% to 5,938.40.

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