The Dow Jones Industrial Average rose 459.67 points, or 1.8%, to 26,287.03 and the S&P 500 rose 49.71 points to 3,179.72 for its third gain of at least 1.5% in the last five trading days. Stocks rallied worldwide July 6, 2020, the S&P 500 rose 1.6%, following up on comparable gains in Europe and Asia, and cut back to within 6.1% of its record set in February. China’s stock market jumped 5.7% for its biggest gain since 2015 when it was in the middle of a bubble bursting.
Securities Journal said a “healthy” bull market after the pandemic is now more important to the economy than ever. Markets continue to advance on signals of an economic recovery. The German DAX +1%.63, French CAC 40 +1.48% and the U.K. FTSE +2.08% all advanced by more than 1%.
In Asia, Japan’s Nikkei 225 rose 1.8%, South Korea’s Kospi gained 1.7% and the Hang Seng in Hong Kong jumped 3.8%.
Benchmark U.S. crude oil for August delivery fell 2 cents to settle at $40.63 a barrel. Brent crude oil for September delivery rose 30 cents to $43.10 a barrel
Stocks of the biggest companies once again led the way, and strength for Apple, Amazon and other tech-oriented titans helped lift the Nasdaq composite 226.02 points, or 2.2%, to close at a record high of 10,433.65. Treasury yields also ticked higher in a signal of growing optimism after reports showed improvements in the U.S. and European economies.
Bullish sentiment in China rippled across global markets to drive investors’ confidence for a recovery from the coronavirus pandemic. Nikesh Patel, head of investment strategy at the asset manager Kempen Capital Management, said the positive sentiment from China was spreading across global markets on expectations that market recovery would push demand for foreign goods.
The question is whether the economic progress can continue with rising coronavirus numbers all over the world. We could see foreign buyers soon in the Philippine Stock Market bagging Index Stocks.
-Stockbytes PH, July 7 2020
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