In foreign exchange markets, the euro edged closer to parity with the safe-haven dollar, which rose slightly against a basket of major currencies.
Sterling jumped after Johnson resigned under pressure from his own political party following a string of resignations and scandals. On Wednesday, July 6, the pound had hit its lowest since March 2020. On Wall Street, the technology-heavy Nasdaq led gains with chip stocks outperforming as investors took a risk-on tone after Samsung reported strong results.
“What I’m seeing is optimism that perhaps the Fed rate hiking program will not result in dire consequences for the economy. We’ve economically sensitive stocks leading the way higher today with higher oil prices and interest rates,” said Jack Ablin, chief investment officer at Cresset Capital in Chicago.
“It looks like investors are saying this is on economic growth, not necessarily inflation. Otherwise the market should be down.”
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