NEW YORK, Aug 4 — Stock markets rose on both sides of the Atlantic yesterday as hopeful economic data prompted bargain hunting and a tech stock surge saw the Nasdaq finish at a record high. Analysts did not seem entirely sure about the reasons for the rebound that also brought some solid gains to...
On Wall Street, Microsoft’s progress towards a deal to buy popular video-sharing app TikTok powered the tech-rich Nasdaq up 1.5 per cent to its latest record close while the Dow and S&P 500 also gained. — Reuters pic
Michael Hewson at CMC suggested that “US markets appear to be being propped up by a cohort of the large tech stocks, as well as a resilient pharmaceutical sector, on optimism about a possible vaccine or vaccines.” “Until investors and traders see that the economy is on a solid trajectory, they cling to the growth, the balance sheets and the cash flows of these big tech names,” she said.Lawmakers in Washington had still not reached an agreement yesterday on another spending measure to rescue the world’s largest economy from the coronavirus downturn, after supplementary unemployment payments credited with boosting consumption expired last week.
Key European indices were up by around two per cent or more at the close after manufacturing sector surveys in the region pointed to a return to growth.Earlier, Japan’s Nikkei 225 had received a boost from data showing the economy contracted less than first thought in January-March.
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