FILE PHOTO: An SGX sign is pictured at Singapore Stock Exchange July 19, 2017. REUTERS/Edgar SuNEW YORK: services industry, brushing off worries about a spike in U.S. coronavirus cases.
Jawboning by the Chinese government through a state-sponsored journal on the importance of"fostering a healthy bull market" helped spur the move, said Ray Attrill, head of FX strategy at NAB, in a research note. Stocks also rallied on a sharp rebound in U.S. services industry activity in June, almost returning to pre-pandemic levels, even as new coronavirus cases surged in several states, forcing some restaurants and bars to close again in a setback to the budding recovery.On Wall Street, the Dow Jones Industrial Average rose 1.78per cent, the S&P 500 gained 1.59per cent and the Nasdaq Composite 2.21per cent.