London — European stocks edged up on Wednesday as a record high for US stocks outweighed simmering worries over a resurgence in coronavirus cases that could undermine a nascent recovery.
But oil and gas, utilities and mining shares weighed, with BP and Royal Dutch Shell losing around 0.6% as crude prices fell on worries about demand and rising Covid-19 cases in Europe. Money has poured into US growth stocks — the tech giants and retail titans that have benefited most from the recovery — as investors worry that in the absence of a vaccine a rise in coronavirus cases could further hurt “value” shares.
The benchmark S&P 500 surpassed its February all-time high, hit just before the onset of the Covid-19 pandemic pummeled stocks to lows on March 23. It has surged about 55% since those lows, fueled by monetary stimulus packages even as alarm bells ring over the underlying health of the economy and negotiations over fiscal stimulus in Washington drag on.
Belgique Dernières Nouvelles, Belgique Actualités
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