Global stocks lag, dollar advances on Covid-19 concerns | Malay Mail

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NEW YORK, Jan 26 ― Global stocks lagged and the dollar advanced in volatile markets yesterday, with sentiment hit by increasing Covid-19 cases, delays in vaccine supplies and uncertainty over a US$1.9 trillion (RM7.7 trillion) US stimulus plan. Equity markets have scaled record highs in recent...

The Nasdaq index hit a record high on hopes of bumper earnings later this week from mega-cap technology companies but the Dow Jones Industrial Average index struggled to keep pace. — Reuters pic

However, investors are wary about towering valuations amid questions over the efficacy of the vaccines in curbing the pandemic and as US lawmakers continue to debate a coronavirus aid package. The Dow Jones Industrial Average fell 36.98 points, or 0.12 per cent, to 30,960, the S&P 500 gained 13.89 points, or 0.36 per cent, to 3,855.36 and the Nasdaq Composite added 92.93 points, or 0.69 per cent, to 13,635.99.

The MSCI world equity index, which tracks shares in 49 nations, rose 1.46 points or 0.2 per cent, to 668.15. “The immediate question now is when stimulus aid will be approved and how much?” asked Christopher Grisanti, chief equity strategist at MAI Capital Management. Gold prices pared gains on Monday as the dollar edged higher. Spot gold prices rose US$2.7261 or 0.2 per cent, to US$1,855.28 an ounce. US gold futures settled 0.1 per cent lower at US$1,855.20 per ounce.

 

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