Wed, 15 Jul 2020

Industrial stocks zoom up on Wall St, techs lag

Lola Evans
28 May 2020, 07:29 GMT+10

NEW YORK, New York - U.S. stocks were on heat again Wednesday, pushing all the major indices higher - with the Standard and Poor's 500 closing above 3,000.

"It's all about liquidity and the hopes that the economy will eventually do well," Peter Cardillo, chief market economist at Spartan Capital Securities in New York told Reuters Thomson Wednesday.

"The rally will continue, but I don't think it will continue without pullbacks," he said.

Bank shares were particularly sought after, particularly J. P. Morgan, whose stock rose 5.80%. Technology stocks on the other hand lagged the rest of the market.

At the close of trading Wednesday the Dow Jones Industrial Average was ahead 553.16 points, or 2.21%, at 25,548.27.

The Standard and Poor's 500 added 44.36 points, or 1.48%, to 3,036.13.

The Nasdaq Composite rose 72.14 points, or 0.77%, to 9,412.36.

The U.S. dollar was mixed Wednesday. The euro was the big gainer rising above 1.1000. The EU unit ended the day in New York Wednesday at around 1.1005. The British pound softened to 1.2259. The Japanese yen eased to 107.72. The Swiss franc was slightly lower at 0.9685.

The dollar-bloc currencies were little changed, all retaining recent strength, with the Canadian dollar last quoted at 1.3748, the Australian dollar at 0.6619 and the New Zealand dollar at 0.6186.

On overseas equity markets, the FTSE 100 in London rose 1.26%. The German Dax closed 1.33% higher, while in Paris, the CAC 40 climbed 1.79%.

On Asian markets, both Hong Kong and Shanghai lost 0.3%, while the Australian S&P/ASX fell five points for the day, but was essentially unchanged percentage wise.

Japan's Nikkei index ended its trading day 0.7% higher, Taiwan's TSEC closed 0.1% higher, and Seoul's KOSPI gained 1.4 points but was also flat percentage wise.

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