Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Hopes of progress against virus lift stocks; dollar, oil fall

share with twitter share with LinkedIn share with facebook
share via e-mail
04/07/2020 | 05:48pm EDT
Floor traders work space is seen on the trading floor after the closing bell, following traders positive for Coronavirus disease (COVID-19), at the NYSE in New York

World stock markets rose on Tuesday led by gains in Europe and Asia as signs of progress in curbing the spread of the novel coronavirus fueled investors' appetite for risk, though a steep, late sell-off on Wall Street erased gains in U.S. stocks.

Oil prices ended the day deep in the red as hopes of a deal to decrease supply turned into uncertainty and a surge in crude and gasoline stockpiles dragged prices down further.

The euro jumped against the greenback after six sessions of declines.

New York state, the U.S. epicenter of COVID-19, is nearing a plateau in number of patients hospitalized, Governor Andrew Cuomo said, a hopeful sign even as deaths in his state and neighboring New Jersey hit single-day highs.

Worldwide, the novel coronavirus has infected more than 1.3 million people and killed over 74,000, and although the numbers are still rising in many highly populated countries, some tentative improvements have given hope.

"The rally is sentimental and a little premature because if we lift these lockdown measures too soon and try to resume economic activity, we're going to get a very severe pandemic rebound," said Indranil Ghosh, chief executive officer of Tiger Hill Capital in London.

The comment echoed that of the World Health Organization, which warned earlier on Tuesday against easing coronavirus measures too early.

The Dow Jones Industrial Average fell 26.13 points, or 0.12%, to 22,653.86, the S&P 500 lost 4.27 points, or 0.16%, to 2,659.41 and the Nasdaq Composite dropped 25.98 points, or 0.33%, to 7,887.26.

The S&P closed near its lows of the session, giving up an earlier gain of as much as 3.5%.

The pan-European STOXX 600 index rose 1.88% and MSCI's gauge of stocks across the globe gained 0.97%.

Emerging market stocks rose 2.85%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 2.53% higher.

Japan's Nikkei <.N225> posted a 2% gain overnight as its government promised a near-$1 trillion stimulus package - equal to a fifth of its gross domestic product.

With market optimism on the rise, the U.S. dollar dropped and riskier currencies outperformed as risk appetite improved on hopes that lockdowns may be slowing the spread of the coronavirus in some countries.

Action by central banks to ease a scramble for dollars has also helped bring some calm to markets, with massive U.S. stimulus programs and debt issuance seen weighing on the greenback.

"We've got a nice decline in volatility across forex and equity markets," said Kenneth Broux, FX strategist at Societe Generale.

"We know central banks have done a very good job in alleviating the strain in dollar markets and that's feeding through."

The dollar index <=USD>, tracking the greenback against six major currencies, fell 0.77%, with the euro up 0.9 to $1.0889.

The Japanese yen rose 0.46% versus the greenback at 108.7 per dollar, while Sterling ended at $1.2337, up 0.88%.

Global stock markets shaking off the virus:

OIL SLUMPS

Oil prices gave up early gains to fall sharply as hopes that the world's biggest producers would agree to cut output were overtaken by anxiety that a deal would not emerge. Data showing crude stockpiles surged by much more than expected further weighed on prices.

U.S. crude recently fell 6.98% to $24.26 per barrel and Brent was at $32.50, down 1.66% on the day.

(Reporting by Rodrigo Campos; additional reporting by Karen Pierog in Chicago, Karen Brettel and Laila Kearney in New York, Ahmad Ghaddar and Marc Jones in London, and Uday Sampath Kumar and Shreyashi Sanyal in Bengaluru; Editing by Bernadette Baum, Dan Grebler and Tom Brown)

By Rodrigo Campos

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.23% 26350.36 Delayed Quote.-9.80%
EURO / US DOLLAR (EUR/USD) 0.94% 1.13225 Delayed Quote.-0.24%
HOPE, INC. -1.91% 2622 End-of-day quote.-18.57%
NASDAQ 100 0.24% 9732.430783 Delayed Quote.11.13%
NASDAQ COMP. 0.21% 9708.485436 Delayed Quote.7.92%
NIKKEI 225 0.36% 22695.74 Real-time Quote.-4.41%
RISE, INC. 4.35% 24 End-of-day quote.-20.00%
S&P 500 -0.03% 3127.3 Delayed Quote.-3.34%
STOXX EUROPE 600 -0.48% 367.11 Delayed Quote.-11.28%
WORLD CO., LTD. 0.12% 1630 End-of-day quote.-39.43%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
10:48aTech stocks boost Nasdaq as recovery optimism prevails
RE
10:48aFinland rejects proposed EU recovery package in current form
RE
10:47aEU Commission praises German stimulus plan as 'very positive'
RE
10:46aTech stocks have been a winning bet, but investors worry it will fade
RE
10:41aCESI Insides – The impact of Covid19 on living and working conditions in EU with Daphne Ahrendt, Senior Research Manager on Social Policies at Eurofound.
PU
10:41aSOUTH AFRICA GOVERNMENT : Employment and Labour on payment of UIF Coronavirus Covid-19 claims
PU
10:36aGermany finally splurges, but not without fresh criticism
RE
10:35aEnel CEO says any single fiber network in Italy needs to be independent
RE
10:32aU.S. jobless claims dip below 2 million, road to recovery rocky
RE
10:31aU.S. jobless claims dip below two million, road to recovery rocky
RE
Latest news "Economy & Forex"