Thu, 13 Aug 2020

NEW YORK, New York - With new coronavirus cases topping 60,000 in the U.S. a day earlier, industrial stocks in the U.S. on Thursday crumbled.

Technology stocks however continued on their merry way, with the Nasdaq making substantive gains.

"We're heading into earnings season, and you're seeing some troubling trends," Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia told Reuters Thomson Thursday.

"I expect a lot of confusing numbers and guidance. COVID is certainly not behind us in any way, shape or form, so maybe the V gets elongated some," he said.

At the close on Thursday, the Dow Jones Industrial Average was 361.19 points, or 1.39% lighter at 25,706.09.

The Standard and Poor's 500 fell 17.89 points, or 0.56%, to 3,152.05.

The Nasdaq Composite advanced 55.25 points, or 0.53%, to 10,547.75.

The U.S. dollar was mostly stronger Thursday, rising sharply against the euro to 1.1284. The EU unit had earlier traded well above 1.1300.

The British pound eased slightly to 1.2605. The Japanese yen edged higher to 107.23.

The Swiss franc eased to 0.9405.

The Canadian dollar was weaker at 1.3579. The Australian dollar weakened slightly to 0.6960, while the New Zealand dollar was unchanged at 0.6570.

In London, the FTSE 100 was sharply lower at 1.73%. The German Dax was flat, losing just o.04%, while in Paris the CAC 40 slid 1.21%.

On Asian markets, China's Shanghai Composite index closed 47.15 points or 1.39% higher at 3,450.59 points Thursday, while the blue-chip CSI300 index climbed 1.40%. Both indices ended at multi-year highs as they stretched gains into 8 consecutive days, the longest streak since January 2018.

In Hong Kong, the Hang Seng advanced 80.98 points or 0.31% to 26,210.16.

Japan's Nikkei 225 rose 90.64 points or 0.40% to 22,529.29.

The Australian All Ordinaries added 40.60 points or 0.67% to 6,074.90. "Yesterday's bad news is good news in the Australia market today as investors seem to follow the lead of their U.S. peers", Michael McCarthy, chief market strategist at CMC Markets was quoted as saying by the Reuters Thomson news agency on Thursday.

"The overnight rally across asset classes, whether in equities or commodity prices, is driving sentiment today, investors are once again hopeful of further fiscal and monetary stimulus as domestic cases spike," McCarthy added.

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