(Bloomberg) -- U.S. stocks rose as New York announced some parts of the state are ready to reopen this week, easing concern over the impacts of a prolonged lockdown on the economy.
The S&P 500 erased losses, and the Nasdaq 100 rose for a sixth day -- its longest winning streak this year -- with Nvidia Corp. jumping to a record. AMC Entertainment Holdings Inc. surged after reports suggested Amazon.com Inc. was “thought to have held talks about a potential takeover.” The dollar climbed, while Treasuries dropped. Oil fell, wiping out gains driven by Saudi Arabia’s plan to deepen output cuts.
New York Governor Andrew Cuomo said businesses including construction, curbside retail, drive-in movies and some recreational activities will reopen this week on a regional basis, with each area having met seven criteria. The state reported 161 additional deaths, the lowest since late March. Earlier Monday, New York City Mayor Bill de Blasio said the lockdown is likely to continue into June.
“As investors are emboldened by some states loosening the reins, stocks could continue their march higher, especially the tech sector,” said Paul Nolte, a portfolio manager at Kingsview Investment Management in Chicago. “How stocks act over the coming weeks will likely determine whether the summer smolders or is just a hot mess.”
More than 33 million Americans have lost their jobs in the seven weeks since wide swaths of the U.S. economy shuttered to stem the outbreak. President Donald Trump is trying to convince Americans it’s safe to return to work, with the nation having more than 1.3 million cases of Covid-19. With infections slowing in some European countries, more governments moved to tentatively relax limits.
Here are some key events coming up:
Earnings continue to roll in from companies including Tencent, Allianz, and Petrobras.Regional Federal Reserve presidents James Bullard, Loretta Mester and Patrick Harker are due to speak at events on Tuesday.OPEC gives its monthly oil market report on Wednesday.U.S. weekly jobless claims data is due Thursday.China on Friday releases industrial production and retail sales data for April.
These are the main moves in markets:
Stocks
The S&P 500 gained 0.3% as of 2:56 p.m. New York time.The Dow Jones Industrial Average dipped 0.1%.The Nasdaq 100 Index jumped 1.2%.The Stoxx Europe 600 Index fell 0.4%.The MSCI Asia Pacific Index climbed 0.5%.
Currencies
The Bloomberg Dollar Spot Index gained 0.6%.The euro dipped 0.3% to $1.0809.The Japanese yen depreciated 1% to 107.74 per dollar.
Bonds
The yield on 10-year Treasuries climbed four basis points to 0.72%.Germany’s 10-year yield increased three basis points to -0.51%.Britain’s 10-year yield gained three basis points to 0.269%.
Commodities
The Bloomberg Commodity Index dipped 0.8%.West Texas Intermediate crude fell 1% to $24.50 a barrel.Gold declined 0.9% to $1,698.70 an ounce.
For more articles like this, please visit us at bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P.
"Market" - Google News
May 12, 2020 at 01:58AM
https://ift.tt/3bn9r5j
U.S. Stocks Rise Amid Tech Rally, Reopening Plans: Markets Wrap - Yahoo Finance
"Market" - Google News
https://ift.tt/2Yge9gs
https://ift.tt/2Wls1p6
/cloudfront-us-east-1.images.arcpublishing.com/bostonglobe/VNG7YMZTRWJ5WBFTJ5NVETPCQI.jpg)
No comments:
Post a Comment