Sat, 08 Aug 2020

NEW YORK, New York - Led by the energy sector, U.S. stocks rebounded on Tuesday after a lacklustre trading session a day earlier.

"Today is counterintuitive. We are reading about California's economy shutting down and a record spike in cases in Florida, and yet you have energy stocks leading," Bob Shea, chief executive officer at TrimTabs Asset Management in New York told the Reuters Thomson news agency. "We're seeing a mini-rotation into value."

At the close on Tuesday, the Dow Jones Industrial Average was ahead 556.79 points or 2.13% at 26,642.59.

The Standard and Poor's 500 rose 42.50 points or 1.34% to 3,197.52.

The Nasdaq Composite gained 97.73 points or 0.94% to 10,488.58.

The euro was the center of attraction on European markets. Despite weakness in equities, the EU unit jumped to 1.1399 by the New York close Tuesday.

The British pound fell to 1.2552. The Japanese yen inched up to 107.25. The Swiss franc was largely unchanged, down a few basis points to 0.9398.

The Canadian dollar was a few points stronger at 1.3616. The Australian and New Zealand dollars dipped to 0.6975 and 0.6534 respectively.

Overseas, London's FTSE added 0.06%. The Paris-based CAC 40 dropped 0.96%, while the German Dax fell 0.80%.

On Asian markets, China's Shanghai Composite was down 28.67 points or 0.83% to 3,414.62.

In Hong Kong, the Hang Seng fell 294.23 points or 1.14% to 25,477.89.

The Australian All Ordinaries lost 43.80 points or 0.72% to 6,045.50.

In Tokyo, the Nikkei 225 shed 197.73 points or 0.87% to 22,587.01.

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