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Business Maverick: S&P 500 Climbs to Within 2% of Its Record High: Markets Wrap

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The S&P 500 Index headed for a fourth straight advance amid encouraging news on the vaccine front and speculation U.S. lawmakers are making progress on an aid package.

Wednesday painting a grim picture. Gains in precious metals suggest traders are nervous about the outlook for the global economy and seeking a hedge.

“Stock markets in general have been underpinned by expectations for further stimulus out of the U.S.,” said Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital Corp. “The second-quarter earnings season has also lent some notable support and helped to counteract some of the fears about the latest resurgence in Covid cases.”

U.S. economic data was mixed, with payroll gains slowing sharply in July, suggesting the pickup in coronavirus cases is putting the brakes on the job market. Meanwhile, service industries expanded in July at the fastest pace since February 2019.Reserve Bank of India and Bank of England rate decisions due Thursday.July U.S. employment and jobs reports expected Friday.The S&P 500 Index advanced 0.7% as of 2:36 p.m. New York time.The MSCI Emerging Market Index advanced 1.2%.

 

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