The S&P 500 jumped more than 1.5% after Lowe’s Cos. and Target Corp. reported sales that topped estimates. The index plunged about 1% in the final hour Tuesday after a report that cast doubt on the promise of a virus vaccine. Gains were broad, with financials, industrial and energy groups leading. The index is up more than 30% since its March low, but the advance has largely petered out in May as volatility returned.
The Stoxx Europe 600 Index erased an early decline, with Experian among the top advancers after the Irish credit-services firm weathered the pandemic better than analysts expected. The euro headed for its fourth straight advance versus the dollar as expectations built for the approval of a region-wide stimulus plan. Gilts climbed as the U.K. sold bonds at a negative yield for the first time.Investors have been whipsawed by conflicting news regarding a possible vaccine for the virus and many governments around the world ease lockdowns even as the pandemic continues to spread, with Brazil now the world’s hotspot for new infections.
Elsewhere, equity benchmarks in Japan and India saw the bulk of gains in a mixed Asian session, with Shanghai and Hong Kong in the red. In Japan, the Tokyo Stock Exchange was among stocks that surged amid speculation that it may be a contender to join the Nikkei 225 equity index. South Africa’s rand soared as much as 2% against the dollar, with the country’s central bank seen slashing its policy rate to a record low on Thursday to bolster the economy.The S&P 500 index increased 1.
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Good. Keep it up. 🇺🇸
If we ever needed proof that the stock market has no basis in reality, this is it. Rich people gonna rich, poor people gonna die. maga
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