Wall Street's main indexes were set to open higher on Monday, with the Nasdaq eyeing another record level, as bets on China leading the revival ...
Wall Street's main indexes were set to open higher on Monday, with the Nasdaq eyeing another record level, as bets on China leading the revival from a coronavirus-driven downturn helped investors look past a surge in new cases of COVID-19 at home.
China stocks jumped more than 5per cent, boosted by ample liquidity, cheap funding and expectations of a faster and a better bounce-back in business activity than other major countries still battling the coronavirus crisis.A slew of upbeat U.S. data, including a record rise in June payrolls, helped the Nasdaq close at an all-time high on Thursday and brought the S&P 500 and the Dow nearly 8per cent and 13per cent below their respective peaks from February.
A sharp surge in COVID-19 cases recently in the United States has cast a shadow over the strong rally in stocks as many states have curtailed their reopening plans, threatening to derail the economic recovery. At 8:01 a.m. ET, Dow e-minis were up 375 points, or 1.46per cent. S&P 500 e-minis were up 37.75 points, or 1.21per cent and Nasdaq 100 e-minis were up 122 points, or 1.18per cent.
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