Stock Market, Stocks And Shares

Stock Market, Stocks And Shares

Nasdaq hits record close, confirms bull market on economic recovery hopes

Nasdaq hits record close, confirms bull market on economic recovery hopes

8/6/2020 11:44:00 PM

Nasdaq hits record close, confirms bull market on economic recovery hopes

WASHINGTON (REUTERS) - The Nasdaq hit a record high close on Monday (June 8), confirming a bull market began on March 23, and the Dow and S&P 500 jumped as expectations for a swift recovery from a coronavirus-driven downturn increased.. Read more at straitstimes.com.

The Nasdaq is the first of the Wall Street's three main indexes to bounce back from the market crash caused by the pandemic.A closely watched monthly jobs report on Friday showed an unexpected fall in unemployment rate, bolstering views that the worst of the economic damage from the virus outbreak was over.

Taiwan has no right to join United Nations: China Stocks slip, short-term yields leap with inflation 7 in 10 Singaporeans found 2021 to be most stressful year ever: Survey

"It's optimism surrounding the reopening of the global economy, and the likely confirmation that the US economy will experience a V-shaped recovery in the second half," said Sam Stovall, chief investment strategist at CFRA Research in New York.

Stocks added to gains late in the session after the USFederal Reserve eased the terms of its"Main Street" lending programme.The energy sector climbed the most among the 11 major S&P sectors as major oil producers agreed over the weekend to extend a deal on record output cuts. headtopics.com

Beaten-down shares of cruise operators Carnival Corp and Norwegian Cruise Line Holdings Ltd continued to recover. The S&P 1500 airlines index jumped.Unofficially, the Dow Jones Industrial Average rose 463.45 points, or 1.71 per cent, to 27,574.43, the S&P 500 gained 38.53 points, or 1.21 per cent, to 3,232.46 and the Nasdaq Composite added 110.66 points, or 1.13 per cent, to 9,924.75.

Investors will also focus this week on the Federal Reserve's two-day policy meeting, ending on Wednesday, where the jobs report will most likely be discussed.It would be the first meeting since April when Fed Chair Jerome Powell said the US economy could feel the weight of the economic shutdown for more than a year.

Read more: The Straits Times »

Household members dining-in in groups of 5, team sports could be allowed if Covid-19 weekly infection growth rate slows: Lawrence Wong

Nasdaq sets new record, close to confirming bull market in placeThe Nasdaq composite rose to a new record high on Monday, and looks on track to confirm that it has been in a bull market for two and a half ...

Nasdaq rises to record again on economic recovery hopesU.S. stocks rose on Monday with the Nasdaq hitting a new intraday high after a surprisingly upbeat jobs report last week raised expectations of a ...

Nasdaq sets new record, close to confirming bull market in placeThe Nasdaq composite rose to a new record high on Monday, and looks on track to confirm that it has been in a bull market for two and a half ...

Nasdaq rises to record again on economic recovery hopesU.S. stocks rose on Monday with the Nasdaq hitting a new intraday high after a surprisingly upbeat jobs report last week raised expectations of a ...

EM ASIA FX-Most Asian currencies gain on economic recovery hopesREUTERS

SE Asia Stocks-Keep rally going as U.S. jobs data lifts recovery hopesREUTERS