S&P 500 finishes within points of record high close

Marco Green
August 14, 2020

The S&P 500 posted 33 new 52-week highs and no new lows; the Nasdaq Composite recorded 80 new highs and 25 new lows.

If the S&P 500 breaks out for a fresh new history, it would be the index's swiftest recovery from a 30% fall in its historical past, in accordance to information compiled by Ned Davis Investigation.

Asian shares were mostly higher on Thursday, cheered by the rally on Wall Street that's likely a boon for export-driven regional economies, even as investors worry about the coronanvirus pandemic.

At 11:09 a.m. ET, the Dow Jones Industrial Average was down 46.98 points, or 0.17%, at 27,929.86, the S&P 500 was up 4.48 points, or 0.13%, at 3,384.83.

Spot gold rebounded for a second day gaining $37.00 (+1.97%) to $1,953 an ounce.

US stocks closed mixed on Thursday as investors digested the newly-released unemployment data. Unemployment benefits have been a sticking point in their talks.

Democrats and Republicans are still far apart, but hope remains on Wall Street that they'll reach a deal on stimulus that investors say is crucially needed. The index began stumbling in the early afternoon, as Treasury yields were accelerating following an auction of 30-year bonds by the USA government.

Latest data showed USA consumer prices increased more-than-expected in July but high unemployment is likely to keep inflation under control, allowing the Federal Reserve to continue pumping money into the economy.

Prices for the 10-Year Treasury demurred, raising yields to 0.68% from Wednesday's 0.67%. It was at 0.57 percent just on Monday.

Cisco Systems slumped 11.2 percent for the biggest loss in the S&P 500, though it reported better results for its latest quarter than Wall Street expected. Tourism and travel stocks were hit particularly hard, such as budget airlines easyJet and IAG. The Stoxx Europe 600 Index dropped 0.63%, Germany's DAX 30 fell 0.50%, France's CAC 40 slipped 0.61%, and the U.K.'s FTSE 100 shed 1.50%.

Due later today are reports on Retail Sales (+2% on month in July expected), Industrial Production (+3% on month in July expected), and the University of Michigan Consumer Sentiment Index (August preliminary reading at 71.9 expected).

Japan's benchmark Nikkei 225 jumped 1.9% in morning trading to 23,272.34. Hong Kong's Hang Seng slipped 0.1% to 25,213.62, while the Shanghai Composite index was flat, at 3,319.28.

In other trading, benchmark US crude slipped 8 cents to $42.59 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the worldwide standard was down 0.1% at $44.91.

Other reports by Click Lancashire

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