Tue, 07 Jul 2020

Wall Street advances despite spreading protests

Lola Evans
03 Jun 2020, 08:04 GMT+10

NEW YORK, New York - Stocks in the United States, and across the world were in demand again on Tuesday, forcing all the major indices higher, pushing aside concerns over nationwide protests which overnight saw five police officers shot as the protests turned increasingly violent.

"Technicals are pushing the market higher and the market's not paying attention to the potential problems that the protests could have on local economies," Peter Cardillo, chief market economist at Spartan Capital Securities in New York told the Reuters Thomson news agency Tuesday.

"If the violence continues it might worsen the coronavirus' impact on businesses," Cardillo added. "A lot of stores would close; there'd be curfews; people wouldn't be able to shop and that would further hurt the economy."

At the close of trading Tuesday the Dow Jones Industrial Average was ahead 267.63 points, or 1.05%, at 25,742.65.

The Standard and Poor's 500 rose 25.09 points, or 0.82%.

The Nasdaq Composite advanced 56.33 points, or 0.59%, to 9,608.38.

The U.S. dollar continued its recent freefall. The euro cruised higher to 1.1171. The British pound rose sharply to 1.2551. The Swiss franc was marginally higher at 0.9622.

The Canadian dollar was in demand at 1.3527. The Australian dollar again was the star of the day, climbing to 0.6890 by the New York close Tuesday. The New Zealand dollar advanced to 0.6368.

The Japanese yen went against the trend, falling sharply to 108.67.

Stock markets in Europe were on the boil with the German Dax putting in a huge rally to advance 3.75%. In Paris, the CAC 40 climbed 2.02%.

London's FTSE 100 added 0.87%.

On Asian markets, the 225-issue Nikkei Stock Average gained 263.22 points, or 1.19%, from Monday to close the day at 22,325.61.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 18.93 points, or 1.21%, to finish at 1,587.68.

In Hong Kong, the Hang Seng advanced 1.19%, adding 263.22 points to 22,325.61.

The Australian All Ordinaries rose 21.70 points or 0.37% to 5,960.10.

China's Shanghai Composite gained 5.97 points or 020% 2,921.40.

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