Global stocks climb after Monday’s drop, oil gains 5pc | Malay Mail

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NEW YORK, Jan 6 — Global equity indexes mostly rose yesterday, with Wall Street rebounding from a weak start to the year, and oil prices settled up 5 per cent after news that Saudi Arabia will make voluntary cuts to its oil output in February. Investors anxiously awaited the results of two Senate...

The Dow Jones Industrial Average rose 167.71 points, or 0.55 per cent, to close at 30,391.6, the S&P 500 gained 26.21 points, or 0.71 per cent, to 3,726.86 and the Nasdaq Composite added 120.51 points, or 0.95 per cent, to 12,818.96. — Reuters pic

A Democratic victory in both contests could tip control of the US Senate away from Republicans, potentially boosting the agenda of Democratic President-elect Joe Biden. The start of vaccine rollouts boosted equities heading into the end of the year, and US stocks ended 2020 at record highs. The pan-European STOXX 600 index lost 0.19 per cent and MSCI’s gauge of stocks across the globe gained 0.62 per cent.

In the currency markets, the dollar fell against a basket of major currencies in the wake of China’s decision to lift its official yuan exchange rate by its highest margin since it abandoned a dollar peg in 2005.In the offshore market, the yuan strengthened as far as 6.4419 for the first time since June 2018. It started the week at 6.4944.

 

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