Wed, 15 Jul 2020

NEW YORK, New York - U.S. stocks made solid gains on Tuesday, in their first trading session since last Friday.

The rebound surprised traders as Lurry Kudlow, White `house economic advisor earlier in the day said U.S. President Donald Trump was "miffed" at China over a number of issues including the origination of the coronavirus, and that the (partial) trade deal entered into with China earlier this year was "no longer as important to him."

The Dow Jones Industrial Average jumped 529.95 points, or 2.17%, to 24,995.11.

The Standard and Poor's 500 rose 36.32 points, or 1.23%, to 2,991.77.

The tech-laden Nasdaq Composite climbed 15.63 points, or 0.17%, to 9,340.22.

The U.S. dollar which began a descent in Asia lost further ground in the European and U.S. session.

By the close in New York on Tuesday, and into early Wednesday morning trading in the Asia-Pacific region, the euro had shot up to 1.0982. The British pound roared to 1.2334. The Japanese yen was only modestly higher at 107.55. The Swiss franc gained to 0.9654.

The Canadian dollar strengthened to 1.3773. The Australian dollar rose to 0.6651, while the New Zealand dollar rallied to 0.6198.

On overseas equity markets, London's FTSE 100 was up 1.24%. The German Dax rose 1.00%, while the Paris-based CAC 40 climbed 1.46%.

On Asian markets, the Nikkei 225 in Japan surged 529.52 points or 2.55% to 21,271.17.

In Hong Kong, the Hang Seng rallied 432.42 points or 1.88% to 23,384.66.

The Australian All Ordinaries gained 160.00 points or 2.79% to 5,889.90.

China's Shanghai Composite added 28.58 points or 1.01% to 2,846.55.

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