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US stocks up as strong tech earnings offset stimulus fog | Malay Mail

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NEW YORK, July 31 — Wall Street stocks opened higher today following blowout earnings by large technology companies and as the market monitored messy Washington talks on another relief spending package. About 10 minutes into trading, the tech-rich Nasdaq Composite Index led the market, rising 0.8...

The Fearless Girl statue is seen outside the New York Stock Exchange in New York City, New York, US, June 11, 2020. About 10 minutes into trading, the tech-rich Nasdaq Composite Index led the market, rising 0.8 per cent to 10.674.56. — Reuters pic

About 10 minutes into trading, the tech-rich Nasdaq Composite Index led the market, rising 0.8 per cent to 10.674.56. Tech giants Amazon, Alphabet, Apple and Facebook all reported better-than-expected results after the market closed yesterday, validating surging valuations built on expectations the sector would be a big winner amid the pandemic upheaval.

The tech results boosted sentiment even amid anxiety over a partisan fight in Washington over the scope of another fiscal package to support the coronavirus-battered US economy.

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Covid-19 tanks US economy in second quarter, labour market struggling | Malay MailWASHINGTON, July 30 — The US economy contracted at its steepest pace since the Great Depression in the second quarter as the Covid-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus. The bulk of the historic...
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