ASX to drop, despite Wall Street jumping on COVID-19 vaccine hopes and NYSE reopening

Australian shares are headed for a big fall despite a surge of optimism on Wall Street over coronavirus vaccines and the partial reopening of the New York Stock Exchange.The Australian dollar jumped to 66.53 US cents.However, the resurgent appetite for riskier assets led to spot gold dropping to $US1,709.59 an ounce.New York Governor Andrew Cuomo donned a face mask and rang the opening bell at the New York Stock Exchange on Tuesday .

The 100 or so traders, regulatory, and operational staff — about a quarter of the usual number — who headed into the building in lower Manhattan were asked to avoid public transportation and were screened for signs of the virus at the door, where they also had to sign a liability waiver. Most of the NYSE's designated market makers, who oversee trading in the exchange’s 2,200 listed companies, are still working from home, as are most exchange employees.Wall Street's benchmark index, the S&P 500, surged past its 200-day moving average, as well as a key psychological barrier — for the first time since early March.

Source: Financial Digest (financialdigest.net)

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