Business Maverick: Stocks Gain in Asia, Dollar Halts Eight-Day Rally: Markets Wrap

Asian stocks rose, U.S. stock futures came off earlier lows and the dollar halted an eight-day rally as investors took stock of stimulus measures, giving tentative signs of returning appetite for riskier assets. Gains in Hong Kong’s equity market topped 3% and shares in Australia and South Korea climbed about 4%. S&P 500 futures erased more than half their earlier losses. The Australian and New Zealand dollars rose, with indications the recent dash for the dollar was ebbing somewhat. Australian bonds kept their gains as the central bank began buying bonds. China’s offshore yuan rose despite the weakest daily fixing of its currency in 12 years. Crude rose after its record surge Thursday.

There were signs of buyers returning in U.S. equities Thursday when the Nasdaq Composite Index climbed, with Tesla Inc., Twitter Inc. and Netflix Inc. all up at least 5%. Trump sought to reassure skeptical Republicans that he’s aiming to help workers through the crisis, not necessarily corporations, a priority made all the more urgent after data showed U.S. jobless claims came in higher than expected.

“We are now starting to lean into risk,” Chad Morganlander, senior portfolio manager at Washington Crossing Advisors, told Bloomberg TV. “The tail of this is going to be potentially somewhat more extended than what the overall market thinks, so we’re not going to get back to business as usual for the next three months, but the policy backdrop across the globe will help soften the blow.”

The latest efforts to mitigate the damage include the Bank of England cutting its bank rate and increasing its bond buying program, the European Central Bank launching a 750 billion euro ($815 billion) debt-buying plan, and the Federal Reserve’s support for money-market mutual funds. South Africa cut interest rates and Germany may authorize emergency debt issuance.

But looming over everything is

Read More Here...

Business Maverick: Stocks Gain in Asia, Dollar Halts Eight-Day Rally: Markets Wrap

Asian stocks rose, U.S. stock futures came off earlier lows and the dollar halted an eight-day rally as investors took stock of stimulus measures, giving tentative signs of returning appetite for riskier assets. Gains in Hong Kong’s equity market topped 3% and shares in Australia and South Korea climbed about 4%. S&P 500 futures erased more than half their earlier losses. The Australian and New Zealand dollars rose, with indications the recent dash for the dollar was ebbing somewhat. Australian bonds kept their gains as the central bank began buying bonds. China’s offshore yuan rose despite the weakest daily fixing of its currency in 12 years. Crude rose after its record surge Thursday.

There were signs of buyers returning in U.S. equities Thursday when the Nasdaq Composite Index climbed, with Tesla Inc., Twitter Inc. and Netflix Inc. all up at least 5%. Trump sought to reassure skeptical Republicans that he’s aiming to help workers through the crisis, not necessarily corporations, a priority made all the more urgent after data showed U.S. jobless claims came in higher than expected.

“We are now starting to lean into risk,” Chad Morganlander, senior portfolio manager at Washington Crossing Advisors, told Bloomberg TV. “The tail of this is going to be potentially somewhat more extended than what the overall market thinks, so we’re not going to get back to business as usual for the next three months, but the policy backdrop across the globe will help soften the blow.”

The latest efforts to mitigate the damage include the Bank of England cutting its bank rate and increasing its bond buying program, the European Central Bank launching a 750 billion euro ($815 billion) debt-buying plan, and the Federal Reserve’s support for money-market mutual funds. South Africa cut interest rates and Germany may authorize emergency debt issuance.

But looming over everything is

Read More Here...

Business Maverick: Stocks Gain in Asia, Dollar Halts Eight-Day Rally: Markets Wrap

Asian stocks rose, U.S. stock futures came off earlier lows and the dollar halted an eight-day rally as investors took stock of stimulus measures, giving tentative signs of returning appetite for riskier assets. Gains in Hong Kong’s equity market topped 3% and shares in Australia and South Korea climbed about 4%. S&P 500 futures erased more than half their earlier losses. The Australian and New Zealand dollars rose, with indications the recent dash for the dollar was ebbing somewhat. Australian bonds kept their gains as the central bank began buying bonds. China’s offshore yuan rose despite the weakest daily fixing of its currency in 12 years. Crude rose after its record surge Thursday.

There were signs of buyers returning in U.S. equities Thursday when the Nasdaq Composite Index climbed, with Tesla Inc., Twitter Inc. and Netflix Inc. all up at least 5%. Trump sought to reassure skeptical Republicans that he’s aiming to help workers through the crisis, not necessarily corporations, a priority made all the more urgent after data showed U.S. jobless claims came in higher than expected.

“We are now starting to lean into risk,” Chad Morganlander, senior portfolio manager at Washington Crossing Advisors, told Bloomberg TV. “The tail of this is going to be potentially somewhat more extended than what the overall market thinks, so we’re not going to get back to business as usual for the next three months, but the policy backdrop across the globe will help soften the blow.”

The latest efforts to mitigate the damage include the Bank of England cutting its bank rate and increasing its bond buying program, the European Central Bank launching a 750 billion euro ($815 billion) debt-buying plan, and the Federal Reserve’s support for money-market mutual funds. South Africa cut interest rates and Germany may authorize emergency debt issuance.

But looming over everything is

Read More Here...

NASDAQ Climbs 2.3% As Stocks Swing Back From Rough Start

We seemed poised for another sharp selloff this morning, but the volatility worked in our favor today as stocks swung sharply higher and closed in positive territory.

Tech had an especially good session Thursday that sent the NASDAQ upward by 2.3% (or about 160 points) to 7150.58. The FAANGs were mostly higher, especially those best suited for this temporary stay-at-home economy like Netflix (NASDAQ:, +5.25%) and Facebook (NASDAQ:, +4.2%).

For the other indices, it was the most “normal” day we’ve seen in a while. (Normal in the old-fashioned way of a few weeks ago, that is.)

For example, this session broke the S&P’s unbelievable streak of 8 consecutive days with moves of 4% or more in either direction.

The index only rose by 0.47% to 2409.39. Meanwhile, the fought back from a more than 700-point plunge this morning to finish higher by 0.95% (or around 188 points) to 20,087.19.

The index is back above 20K after closing below that mark yesterday for the first time since February 2017.

It wasn’t much of a bounce back from Wednesday’s disheartening performance, which included the Dow plunging 6.3% (or more than 1300 points), the S&P slipping 5.2% and the NASDAQ off 4.7%.

But we have to appreciate any positive move after the indices have slipped approximately 30% in such a short time period to end one of the most impressive bull markets in history. Plus, there were no circuit breakers today!

We’ve seen a lot of action from the government this week as they attempt to soften the economic blow of this coronavirus.

Late today, the Senate released a relief proposal that would send $1200 in cash to individuals and $2400 to couples. This comes a day after President Trump signed the first relief measure from Congress and amid plans for a hefty stimulus package.

You know what else would help investors feel

Read More Here...

NASDAQ Climbs 2.3% As Stocks Swing Back From Rough Start

We seemed poised for another sharp selloff this morning, but the volatility worked in our favor today as stocks swung sharply higher and closed in positive territory.

Tech had an especially good session Thursday that sent the NASDAQ upward by 2.3% (or about 160 points) to 7150.58. The FAANGs were mostly higher, especially those best suited for this temporary stay-at-home economy like Netflix (NASDAQ:, +5.25%) and Facebook (NASDAQ:, +4.2%).

For the other indices, it was the most “normal” day we’ve seen in a while. (Normal in the old-fashioned way of a few weeks ago, that is.)

For example, this session broke the S&P’s unbelievable streak of 8 consecutive days with moves of 4% or more in either direction.

The index only rose by 0.47% to 2409.39. Meanwhile, the fought back from a more than 700-point plunge this morning to finish higher by 0.95% (or around 188 points) to 20,087.19.

The index is back above 20K after closing below that mark yesterday for the first time since February 2017.

It wasn’t much of a bounce back from Wednesday’s disheartening performance, which included the Dow plunging 6.3% (or more than 1300 points), the S&P slipping 5.2% and the NASDAQ off 4.7%.

But we have to appreciate any positive move after the indices have slipped approximately 30% in such a short time period to end one of the most impressive bull markets in history. Plus, there were no circuit breakers today!

We’ve seen a lot of action from the government this week as they attempt to soften the economic blow of this coronavirus.

Late today, the Senate released a relief proposal that would send $1200 in cash to individuals and $2400 to couples. This comes a day after President Trump signed the first relief measure from Congress and amid plans for a hefty stimulus package.

You know what else would help investors feel

Read More Here...

NASDAQ Climbs 2.3% As Stocks Swing Back From Rough Start

We seemed poised for another sharp selloff this morning, but the volatility worked in our favor today as stocks swung sharply higher and closed in positive territory.

Tech had an especially good session Thursday that sent the NASDAQ upward by 2.3% (or about 160 points) to 7150.58. The FAANGs were mostly higher, especially those best suited for this temporary stay-at-home economy like Netflix (NASDAQ:, +5.25%) and Facebook (NASDAQ:, +4.2%).

For the other indices, it was the most “normal” day we’ve seen in a while. (Normal in the old-fashioned way of a few weeks ago, that is.)

For example, this session broke the S&P’s unbelievable streak of 8 consecutive days with moves of 4% or more in either direction.

The index only rose by 0.47% to 2409.39. Meanwhile, the fought back from a more than 700-point plunge this morning to finish higher by 0.95% (or around 188 points) to 20,087.19.

The index is back above 20K after closing below that mark yesterday for the first time since February 2017.

It wasn’t much of a bounce back from Wednesday’s disheartening performance, which included the Dow plunging 6.3% (or more than 1300 points), the S&P slipping 5.2% and the NASDAQ off 4.7%.

But we have to appreciate any positive move after the indices have slipped approximately 30% in such a short time period to end one of the most impressive bull markets in history. Plus, there were no circuit breakers today!

We’ve seen a lot of action from the government this week as they attempt to soften the economic blow of this coronavirus.

Late today, the Senate released a relief proposal that would send $1200 in cash to individuals and $2400 to couples. This comes a day after President Trump signed the first relief measure from Congress and amid plans for a hefty stimulus package.

You know what else would help investors feel

Read More Here...

NASDAQ Climbs 2.3% As Stocks Swing Back From Rough Start

We seemed poised for another sharp selloff this morning, but the volatility worked in our favor today as stocks swung sharply higher and closed in positive territory.

Tech had an especially good session Thursday that sent the NASDAQ upward by 2.3% (or about 160 points) to 7150.58. The FAANGs were mostly higher, especially those best suited for this temporary stay-at-home economy like Netflix (NASDAQ:, +5.25%) and Facebook (NASDAQ:, +4.2%).

For the other indices, it was the most “normal” day we’ve seen in a while. (Normal in the old-fashioned way of a few weeks ago, that is.)

For example, this session broke the S&P’s unbelievable streak of 8 consecutive days with moves of 4% or more in either direction.

The index only rose by 0.47% to 2409.39. Meanwhile, the fought back from a more than 700-point plunge this morning to finish higher by 0.95% (or around 188 points) to 20,087.19.

The index is back above 20K after closing below that mark yesterday for the first time since February 2017.

It wasn’t much of a bounce back from Wednesday’s disheartening performance, which included the Dow plunging 6.3% (or more than 1300 points), the S&P slipping 5.2% and the NASDAQ off 4.7%.

But we have to appreciate any positive move after the indices have slipped approximately 30% in such a short time period to end one of the most impressive bull markets in history. Plus, there were no circuit breakers today!

We’ve seen a lot of action from the government this week as they attempt to soften the economic blow of this coronavirus.

Late today, the Senate released a relief proposal that would send $1200 in cash to individuals and $2400 to couples. This comes a day after President Trump signed the first relief measure from Congress and amid plans for a hefty stimulus package.

You know what else would help investors feel

Read More Here...

NASDAQ Climbs 2.3% As Stocks Swing Back From Rough Start

We seemed poised for another sharp selloff this morning, but the volatility worked in our favor today as stocks swung sharply higher and closed in positive territory.

Tech had an especially good session Thursday that sent the NASDAQ upward by 2.3% (or about 160 points) to 7150.58. The FAANGs were mostly higher, especially those best suited for this temporary stay-at-home economy like Netflix (NASDAQ:, +5.25%) and Facebook (NASDAQ:, +4.2%).

For the other indices, it was the most “normal” day we’ve seen in a while. (Normal in the old-fashioned way of a few weeks ago, that is.)

For example, this session broke the S&P’s unbelievable streak of 8 consecutive days with moves of 4% or more in either direction.

The index only rose by 0.47% to 2409.39. Meanwhile, the fought back from a more than 700-point plunge this morning to finish higher by 0.95% (or around 188 points) to 20,087.19.

The index is back above 20K after closing below that mark yesterday for the first time since February 2017.

It wasn’t much of a bounce back from Wednesday’s disheartening performance, which included the Dow plunging 6.3% (or more than 1300 points), the S&P slipping 5.2% and the NASDAQ off 4.7%.

But we have to appreciate any positive move after the indices have slipped approximately 30% in such a short time period to end one of the most impressive bull markets in history. Plus, there were no circuit breakers today!

We’ve seen a lot of action from the government this week as they attempt to soften the economic blow of this coronavirus.

Late today, the Senate released a relief proposal that would send $1200 in cash to individuals and $2400 to couples. This comes a day after President Trump signed the first relief measure from Congress and amid plans for a hefty stimulus package.

You know what else would help investors feel

Read More Here...

NASDAQ Climbs 2.3% As Stocks Swing Back From Rough Start

We seemed poised for another sharp selloff this morning, but the volatility worked in our favor today as stocks swung sharply higher and closed in positive territory.

Tech had an especially good session Thursday that sent the NASDAQ upward by 2.3% (or about 160 points) to 7150.58. The FAANGs were mostly higher, especially those best suited for this temporary stay-at-home economy like Netflix (NASDAQ:, +5.25%) and Facebook (NASDAQ:, +4.2%).

For the other indices, it was the most “normal” day we’ve seen in a while. (Normal in the old-fashioned way of a few weeks ago, that is.)

For example, this session broke the S&P’s unbelievable streak of 8 consecutive days with moves of 4% or more in either direction.

The index only rose by 0.47% to 2409.39. Meanwhile, the fought back from a more than 700-point plunge this morning to finish higher by 0.95% (or around 188 points) to 20,087.19.

The index is back above 20K after closing below that mark yesterday for the first time since February 2017.

It wasn’t much of a bounce back from Wednesday’s disheartening performance, which included the Dow plunging 6.3% (or more than 1300 points), the S&P slipping 5.2% and the NASDAQ off 4.7%.

But we have to appreciate any positive move after the indices have slipped approximately 30% in such a short time period to end one of the most impressive bull markets in history. Plus, there were no circuit breakers today!

We’ve seen a lot of action from the government this week as they attempt to soften the economic blow of this coronavirus.

Late today, the Senate released a relief proposal that would send $1200 in cash to individuals and $2400 to couples. This comes a day after President Trump signed the first relief measure from Congress and amid plans for a hefty stimulus package.

You know what else would help investors feel

Read More Here...