The S&P 500 and Nasdaq closed at record highs on Wednesday amid expectations of a newly-issued stimulus from Beijing to soften the economic impact of the coronavirus. The spread of the virus had been reported to show signs of slowdown in China.
The S&P 500 soared 0.47% while the Nasdaq Composite surged 0.87%. Meanwhile, the Dow Jones Industrial Average gained by 0.40%.
The gains poured after the Bank of China signaled at new stimulus to cushion the impact of the world's second largest economy from the virus. Many have speculated that the plans may be initiated as soon as Thursday.
"The fundamentals of China's economy have not changed," the People's Bank of China said. "China's economy, however, also faces several challenges but will fend off major financial risks."
The reports of easing virus fears also aided in the rallying of oil prices and chip stocks.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...