US stocks open higher, resuming upward climb

The broad-based S&P 500 gained 0.7 per cent to 3,166.67, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 10,446.59. — Reuters pic The broad-based S&P 500 gained 0.7 per cent to 3,166.67, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 10,446.59. — Reuters pic

NEW YORK, July 8 — Wall Street stocks opened higher today, shrugging off losses in the prior session as investors assess the economic hit from rising coronavirus cases in the US.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.6 per cent at 26,045.53.

The broad-based S&P 500 gained 0.7 per cent to 3,166.67, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 10,446.59.

Several large states, including Texas, Florida and California have rolled back steps to reopen their economies following spikes in coronavirus cases.

White House economic advisor Larry Kudlow again ruled out more broad economic shutdowns and said economic trends were solid in much of the country.

“It’s a big country, most of it is doing rather well,” Kudlow said on CNBC. “Some of it is in trouble here, I get that.”

Among individual companies, United Airlines fell 1.1 per cent as it said it would cut back some August flights because the latest rise in US coronavirus cases was hitting demand. The carrier also signaled plans to formally notify regulators of staff layoffs later this year, according to a securities filing.

Levi Strauss & Co dropped 7.0 per cent as it reported a second-quarter loss of US$363.5 million (RM1.55 billion) in the wake of coronavirus closures. The jeans company plans to cut 700 jobs. — AFP

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US stocks open higher, resuming upward climb

The broad-based S&P 500 gained 0.7 per cent to 3,166.67, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 10,446.59. — Reuters pic

NEW YORK, July 8 — Wall Street stocks opened higher today, shrugging off losses in the prior session as investors assess the economic hit from rising coronavirus cases in the US.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.6 per cent at 26,045.53.

The broad-based S&P 500 gained 0.7 per cent to 3,166.67, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 10,446.59.

Several large states, including Texas, Florida and California have rolled back steps to reopen their economies following spikes in coronavirus cases.

White House economic advisor Larry Kudlow again ruled out more broad economic shutdowns and said economic trends were solid in much of the country.

“It’s a big country, most of it is doing rather well,” Kudlow said on CNBC. “Some of it is in trouble here, I get that.”

Among individual companies, United Airlines fell 1.1 per cent as it said it would cut back some August flights because the latest rise in US coronavirus cases was hitting demand. The carrier also signaled plans to formally notify regulators of staff layoffs later this year, according to a securities filing.

Levi Strauss & Co dropped 7.0 per cent as it reported a second-quarter loss of US$363.5 million (RM1.55 billion) in the wake of coronavirus closures. The jeans company plans to cut 700 jobs. — AFP

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Global shares rise despite Covid-19 fears, gold gains

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar, a traditional safe harbour, slid even as the number of confirmed US coronavirus cases surpassed 3 million. — Reuters pic

NEW YORK, July 9 ― Global stocks rose yesterday as recovery hopes overcame fears that a surge in coronavirus cases would slow the US economy, but many investors still sought safety on pandemic worries, driving gold prices above US$1,800 (RM7,695) an ounce for the first time since 2011.

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar, a traditional safe harbour, slid even as the number of confirmed US coronavirus cases surpassed 3 million. Still, demand for the dollar proved remarkably stable given Wall Street’s strength.

Yousef Abbasi, global market strategist at StoneX Group Inc in New York, said US investors in particular are still comfortable with the idea of buying secular growth or select companies they think will thrive in a low-consumption economy.

While materials, industrial and bank stocks were lower, Abbasi said, other sectors were delivering gains.

“If you’re in an industry where your focus is in technology, such as enterprise software or e-commerce, providing the backbone for those businesses, you’ve been rewarded hand over fist,” Abbasi said.

The technology-rich Nasdaq finished at a record closing high, the fourth time in five days.

But investor sentiment remains tenuous as the pandemic resurges in the United States and elsewhere. Oil prices were steady as rising US crude inventories and the coronavirus surge put the brakes on a recent recovery.

The MSCI world equity index, a gauge of equity markets in 49 nations, rose 0.63 per cent and its emerging markets index jumped 1.77 per

Read More Here...

Global shares rise despite Covid-19 fears, gold gains

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar, a traditional safe harbour, slid even as the number of confirmed US coronavirus cases surpassed 3 million. — Reuters pic

NEW YORK, July 9 ― Global stocks rose yesterday as recovery hopes overcame fears that a surge in coronavirus cases would slow the US economy, but many investors still sought safety on pandemic worries, driving gold prices above US$1,800 (RM7,695) an ounce for the first time since 2011.

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar, a traditional safe harbour, slid even as the number of confirmed US coronavirus cases surpassed 3 million. Still, demand for the dollar proved remarkably stable given Wall Street’s strength.

Yousef Abbasi, global market strategist at StoneX Group Inc in New York, said US investors in particular are still comfortable with the idea of buying secular growth or select companies they think will thrive in a low-consumption economy.

While materials, industrial and bank stocks were lower, Abbasi said, other sectors were delivering gains.

“If you’re in an industry where your focus is in technology, such as enterprise software or e-commerce, providing the backbone for those businesses, you’ve been rewarded hand over fist,” Abbasi said.

The technology-rich Nasdaq finished at a record closing high, the fourth time in five days.

But investor sentiment remains tenuous as the pandemic resurges in the United States and elsewhere. Oil prices were steady as rising US crude inventories and the coronavirus surge put the brakes on a recent recovery.

The MSCI world equity index, a gauge of equity markets in 49 nations, rose 0.63 per cent and its emerging markets index jumped 1.77 per

Read More Here...

Global shares rise despite Covid-19 fears, gold gains

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar, a traditional safe harbour, slid even as the number of confirmed US coronavirus cases surpassed 3 million. — Reuters pic

NEW YORK, July 9 ― Global stocks rose yesterday as recovery hopes overcame fears that a surge in coronavirus cases would slow the US economy, but many investors still sought safety on pandemic worries, driving gold prices above US$1,800 (RM7,695) an ounce for the first time since 2011.

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar, a traditional safe harbour, slid even as the number of confirmed US coronavirus cases surpassed 3 million. Still, demand for the dollar proved remarkably stable given Wall Street’s strength.

Yousef Abbasi, global market strategist at StoneX Group Inc in New York, said US investors in particular are still comfortable with the idea of buying secular growth or select companies they think will thrive in a low-consumption economy.

While materials, industrial and bank stocks were lower, Abbasi said, other sectors were delivering gains.

“If you’re in an industry where your focus is in technology, such as enterprise software or e-commerce, providing the backbone for those businesses, you’ve been rewarded hand over fist,” Abbasi said.

The technology-rich Nasdaq finished at a record closing high, the fourth time in five days.

But investor sentiment remains tenuous as the pandemic resurges in the United States and elsewhere. Oil prices were steady as rising US crude inventories and the coronavirus surge put the brakes on a recent recovery.

The MSCI world equity index, a gauge of equity markets in 49 nations, rose 0.63 per cent and its emerging markets index jumped 1.77 per

Read More Here...

UK will spend billions to boost hospitality sector, but FTSE sinks while Dow climbs

Australian shares have risen, with tech stocks including Afterpay surging, after a rally in the US overnight saw the Nasdaq hit a fresh record.

Key points:

  • The Australian share market opened higher, led by mining and energy stocks
  • Treasury Wine Estates was among the worst performers, as it warned earnings had taken a hit
  • Overnight, the UK Government announced extra stimulus measures

    By 1:15pm AEST, the benchmark ASX 200 index had gained 0.9 per cent, or 55 points, to 5,975.

    Mining and energy stocks led the broad-based rally, with shares in BHP (+2.1pc), Rio Tinto (+3.2pc), Woodside (+3.3pc) and Worley (+4.1pc) making gains.

    Rio Tinto said more than 2,000 jobs would go in New Zealand, as it announced plans to close its aluminium smelter in the country because of high power prices.

    The big miner said the winding down of operations at the New Zealand smelters would end in August next year, before eventual closure.

    The smelter employs around 1,000 people, with a further 1,600 indirect jobs affected.

    Technology stocks surged, led by buy-now-pay-later operators Afterpay (10.5pc) and Zip Co (+7.5pc).

    Afterpay shares hit a fresh record high above $73 following an upgrade from Morgan Stanley.

    Morgan Stanley analysts raised their price target on the stock to $101, saying the company’s latest earnings were much stronger than expected.

    Shares in Treasury Wine Estates had fallen 1.1 per cent to $11.15, after another profit warning from the winemaker.

    Treasury Wine said its core earnings for the 2020 financial year had fallen by 21 per cent, compared to the prior year, amid the coronavirus pandemic and travel restrictions.

    The company now expects earnings to come in between $530 million and $540 million, with a decline of 14 per cent in Asia, 37 per cent in the Americas and 16 per cent in Australia and New Zealand.

    Due to the uncertainty caused by

    Read More Here...

  • UK will spend billions to boost hospitality sector, but FTSE sinks while Dow climbs

    Australian shares have risen in early trade after a rally in tech stocks led the Nasdaq to a fresh record in the US overnight.

    Key points:

  • The Australian share market opened higher, led by mining and energy stocks
  • Treasury Wine Estates was among the worst performers, as it warned earnings had taken a hit
  • Overnight, the UK Government announced extra stimulus measures

    By 10:40am AEST, the benchmark ASX 200 index had gained 0.9 per cent, or 50 points, to 5,970.

    Mining and energy stocks led the broad-based rally, with shares in BHP +(2pc), Rio Tinto (+2.6pc), Oil Search (+2pc) and Worley (+2.6pc) making gains.

    Rio Tinto said more than 2,000 jobs would go in New Zealand, as it announced plans to close its aluminium smelter in the country because of high power prices.

    The big miner said the winding down of operations at the New Zealand smelters would end in August next year, before eventual closure.

    The smelter employs around 1,000 people, with a further 1,600 indirect jobs affected.

    Shares in Treasury Wine Estates had fallen 3.3 per cent to $10.91, after another profit warning from the winemaker.

    Treasury Wine said its core earnings for the 2020 financial year had fallen by 21 per cent, compared to the prior year, amid the coronavirus pandemic and travel restrictions.

    The company now expects earnings to come in between $530 million and $540 million, with a decline of 14 per cent in Asia, 37 per cent in the Americas and 16 per cent in Australia and New Zealand.

    Due to the uncertainty caused by the pandemic, Treasury did not provide guidance for the 2021 financial year.

    The Australian dollar was slightly higher against the greenback, buying around 69.9 US cents.

    Multi-billion pound stimulus announced in UK

    The UK government has unveiled a multi-billion-dollar plan to help young people find jobs as part of

    Read More Here...

  • UK will spend billions to boost hospitality sector, but FTSE sinks while Dow climbs

    Australian shares have risen in early trade after a rally in tech stocks led the Nasdaq to a fresh record in the US overnight.

    Key points:

  • The Australian share market opened higher, led by mining and energy stocks
  • Treasury Wine Estates was among the worst performers, as it warned earnings had taken a hit
  • Overnight, the UK Government announced extra stimulus measures

    By 10:40am AEST, the benchmark ASX 200 index had gained 0.9 per cent, or 50 points, to 5,970.

    Mining and energy stocks led the broad-based rally, with shares in BHP +(2pc), Rio Tinto (+2.6pc), Oil Search (+2pc) and Worley (+2.6pc) making gains.

    Rio Tinto said more than 2,000 jobs would go in New Zealand, as it announced plans to close its aluminium smelter in the country because of high power prices.

    The big miner said the winding down of operations at the New Zealand smelters would end in August next year, before eventual closure.

    The smelter employs around 1,000 people, with a further 1,600 indirect jobs affected.

    Shares in Treasury Wine Estates had fallen 3.3 per cent to $10.91, after another profit warning from the winemaker.

    Treasury Wine said its core earnings for the 2020 financial year had fallen by 21 per cent, compared to the prior year, amid the coronavirus pandemic and travel restrictions.

    The company now expects earnings to come in between $530 million and $540 million, with a decline of 14 per cent in Asia, 37 per cent in the Americas and 16 per cent in Australia and New Zealand.

    Due to the uncertainty caused by the pandemic, Treasury did not provide guidance for the 2021 financial year.

    The Australian dollar was slightly higher against the greenback, buying around 69.9 US cents.

    Multi-billion pound stimulus announced in UK

    The UK government has unveiled a multi-billion-dollar plan to help young people find jobs as part of

    Read More Here...

  • UK will spend billions to boost hospitality sector, but FTSE sinks while Dow climbs

    Australian shares have risen in early trade after a rally in tech stocks led the Nasdaq to a fresh record in the US overnight.

    Key points:

  • The Australian share market opened higher, led by mining and energy stocks
  • Treasury Wine Estates was among the worst performers, as it warned earnings had taken a hit
  • Overnight, the UK Government announced extra stimulus measures

    By 10:40am AEST, the benchmark ASX 200 index had gained 0.9 per cent, or 50 points, to 5,970.

    Mining and energy stocks led the broad-based rally, with shares in BHP +(2pc), Rio Tinto (+2.6pc), Oil Search (+2pc) and Worley (+2.6pc) making gains.

    Rio Tinto said more than 2,000 jobs would go in New Zealand, as it announced plans to close its aluminium smelter in the country because of high power prices.

    The big miner said the winding down of operations at the New Zealand smelters would end in August next year, before eventual closure.

    The smelter employs around 1,000 people, with a further 1,600 indirect jobs affected.

    Shares in Treasury Wine Estates had fallen 3.3 per cent to $10.91, after another profit warning from the winemaker.

    Treasury Wine said its core earnings for the 2020 financial year had fallen by 21 per cent, compared to the prior year, amid the coronavirus pandemic and travel restrictions.

    The company now expects earnings to come in between $530 million and $540 million, with a decline of 14 per cent in Asia, 37 per cent in the Americas and 16 per cent in Australia and New Zealand.

    Due to the uncertainty caused by the pandemic, Treasury did not provide guidance for the 2021 financial year.

    The Australian dollar was slightly higher against the greenback, buying around 69.9 US cents.

    Multi-billion pound stimulus announced in UK

    The UK government has unveiled a multi-billion-dollar plan to help young people find jobs as part of

    Read More Here...

  • UK will spend billions to boost hospitality sector, but FTSE sinks while Dow climbs

    Australian shares have risen in early trade after a rally in tech stocks led the Nasdaq to a fresh record in the US overnight.

    Key points:

  • The Australian share market opened higher, led by mining and energy stocks
  • Treasury Wine Estates was among the worst performers, as it warned earnings had taken a hit
  • Overnight, the UK Government announced extra stimulus measures

    By 10:40am AEST, the benchmark ASX 200 index had gained 0.9 per cent, or 50 points, to 5,970.

    Mining and energy stocks led the broad-based rally, with shares in BHP +(2pc), Rio Tinto (+2.6pc), Oil Search (+2pc) and Worley (+2.6pc) making gains.

    Rio Tinto said more than 2,000 jobs would go in New Zealand, as it announced plans to close its aluminium smelter in the country because of high power prices.

    The big miner said the winding down of operations at the New Zealand smelters would end in August next year, before eventual closure.

    The smelter employs around 1,000 people, with a further 1,600 indirect jobs affected.

    Shares in Treasury Wine Estates had fallen 3.3 per cent to $10.91, after another profit warning from the winemaker.

    Treasury Wine said its core earnings for the 2020 financial year had fallen by 21 per cent, compared to the prior year, amid the coronavirus pandemic and travel restrictions.

    The company now expects earnings to come in between $530 million and $540 million, with a decline of 14 per cent in Asia, 37 per cent in the Americas and 16 per cent in Australia and New Zealand.

    Due to the uncertainty caused by the pandemic, Treasury did not provide guidance for the 2021 financial year.

    The Australian dollar was slightly higher against the greenback, buying around 69.9 US cents.

    Multi-billion pound stimulus announced in UK

    The UK government has unveiled a multi-billion-dollar plan to help young people find jobs as part of

    Read More Here...