Sat, 19 Sep 2020

Wall Street continues climb higher, Microsoft dips

Lola Evans
05 Aug 2020, 08:24 GMT+10

NEW YORK, New York - In a volatile day of trading, U.S. stocks managed a gain on Tuesday.

Apple dominated with a fifth straight day of gains. The company's capitalization is now $130 billion short of a record $2 trillion.

"Investors are still comfortable that the trajectory of earnings is on the right path and the 2021 outlook has remained intact. All that helps support the market at these levels," Lindsey Bell, chief investment strategist at Ally Invest told the Reuters Thomson news agency on Tuesday..

"But there is an underlying level of uncertainty leading to a bit of caution," Bell added.

"I do not expect U.S. equities to revisit the March lows," Mohamed A. El-Erian, chief economic adviser at Allianz SE, told the Reuters Global Markets Forum chat room.

"I suspect the next big correction will likely be one triggered by corporate defaults and other capital impairment events that central banks cannot shield against," he said.

Microsoft dropped 1.50% after U.S. President Donald Trump said any sale of TikTok to Microsoft or another company should result in part of the purchase monies going to the Federal Government.

At the close of trading Tuesday, the Dow Jones Industrial Average was ahead 164.07 points or 0.62% at 26,828.47.

The Standard and Poor's 500 advanced 11.90 points or 0.36% to 3,306.51.

The Nasdaq Composite added 38.37 points or 0.35% to 10,941.17.

The U.S. dollar softened on Tuesday. Around the New York close the euro had firmed to 1.1797. The British pound was slightly stronger at 1.3065. The Japanese yen edged up to 105.72. The Swiss franc firmed to 105.72.

The Canadian dollar was stronger at 1.3327. The Australian dollar rose to 0.7158, while the New Zealand dollar inched up to 0.6618.

In London, the FTSE 100 edged up 0.05%. The Dax in Germany fell 0.36%. The Paris-based CAC 40 climbed 0.28%.

On Asian markets, in Japan, the Nikkei 225 jumped 378.28 points or 1.70% to 22,573.66.

Hong Kong's Hang Seng did better, stacking on 488.50 points or 2.00% to 24,946.63.

The Australian All Ordinaries rose 112.60 points or 1.86% to 6,166.50.

China's Shanghai Composite was flat as U.S.-Chinese relations continued to deteriorate. The key index rose just 3.72 points or 0.11% to 3,371.69.

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