FILE PHOTO: A pedestrian with a mask walks past of the New York Stock Exchange in New York, U.S., March 18, 2020. REUTERS/Lucas Jackson/File Photo
EU summit Chairman Charles Michel presented the final plan as a “pivotal” moment to dispel doubts about the bloc’s future. Europe’s broad FTSEurofirst 300 index closed up 0.31%. MSCI’s benchmark for global equity markets advanced 0.63% to highs last seen in February, when markets crashed on coronavirus fears.
On Wall Street, the Dow Jones Industrial Average rose 0.6% and the S&P 500 added 0.17% after regaining positive territory Monday for the year for the first time since June 8. The Nasdaq Composite dropped 0.81%.With the EU recovery plan sealed, investors will now focus on further U.S. stimulus after $3 trillion was injected earlier this year.
Markets have become polarized, with investors either overly exuberant or terrified the sky is falling, said David Kelly, chief global strategist at JP Morgan Asset Management.
It's only a band aid. The recovery cannot last.
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