Thu, 24 Sep 2020

No stopping Wall Street, records readying to be broken

Lola Evans
13 Aug 2020, 08:54 GMT+10

NEW YORK, New York - U.S. stocks rallied again on Wednesday, pushing the Nasdaq to a new record high, and the Standard and Poor's 500 within reach of one.

The appetite for stocks remain unabated despite a near-collapsed U.S. and global economy.

"Clearly the market has been outperforming the economy by a wide stretch recently. There may be a little bit of relief in that you now have basically two centrist candidates on the Democratic ticket," David Kelly, chief global strategist at JPMorgan Asset Management told Reuters Thomson Wednesday.

Kelly was referring to the announcement by the Biden campaign on Tuesday that Kamala Harris has joined the ticket as the vice presidential candidate.

At the close of trading Thursday, the Dow Jones Industrial Average was ahead 289.93 points, or 1.05%, at 27,976.84.

The Standard and Poor's 500 rose 46.66 points, or 1.40%, to 3,380.35.

The Nasdaq Composite did best of all, rising 229.42 points, or 2.13%, to 11,012.24. The index was helped by an 11% jump by Tesla, which announced a stock split.

The U.S. dollar was mixed as its recent rally seemed to be running out of steam. The euro perked up to 1.1785. The British pound fell to 1.3034 on concerns about the British economy. The Japanese yen was a fraction weaker at 106.87. The Swiss franc rose to 0.9119.

The Canadian dollar strengthened to 1,3252. The Australian dollar was back in favor, jumping to 0.7161. The New Zealand dollar climbed to 0.6577.

The FTSE 100 in London, with its stock market too trading at odds with its economy, jumped 2.04%. The German Dax rose by 0.86%. The CAC 40, in Paris, France, gained 0.90%.

On Asian markets, in Tokyo, the Nikkei 225 rose 93.72 points or 0.41% to 22,843.96.

Hong Kong's Hang Seng jumped 353.34 points or 1.42% to 25,244.02.

China's Shanghai Composite dropped 21.02 points or 0.24% to 6,257.00.

The Australian All Ordinaries fell 15.10 points or 0.24% to 6,257.00.

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