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Wall Street stands on record highs as virus’ impact concerns subside
Wall Street gained record highs on Thursday as traders cast aside piling concerns on the coronavirus spreading in China.
The Nasdaq Composite climbed 0.67% while the S&P 500 went up 0.33%. Meanwhile, the Dow Jones Industrial Average was 0.3%, marking all 3 major averages in record territory.
Tech markets carried the day, benefiting from a surge in Twitter and chip stocks.
Twitter soared 15% while chipmaker Qualcomm reported losses to end only 0.3% lower. However, Qualcomm warned that the coronavirus may have a much heavier impact on its near-term profits.
The death toll from the virus reached 564 in China, while the infected worldwide topped to 28,000. However, the World Health Organization said that it was “too early” to call the situation a pandemic. Deaths outside of China are yet to be reported.
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 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
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 ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
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