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  >  Indexes & Markets

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

U.S. Stocks Edge Up While China Rally Powers Ahead -- Update

share with twitter share with LinkedIn share with facebook
07/08/2020 | 04:18pm EDT

By Joe Wallace and Gunjan Banerji

U.S. stocks advanced Wednesday, while mainland Chinese shares extended a winning streak for a seventh consecutive day.

The S&P 500 advanced 0.8% as of the 4 p.m. close of trading in New York. The Nasdaq Composite added 1.4%. The Dow Jones Industrial Average was up 0.7%.

U.S. stocks have traded in a narrow range for the past month, after zipping higher for much of the second quarter. Investors have been weighing stimulus efforts by central banks and governments against signs that the rebound in U.S. economic growth has lost speed. Meanwhile, there's been a jump in coronavirus cases in parts of the country, and tensions have risen between China and the West.

"I would characterize the stock market as relatively immune to the [health] crisis," said Gregory Perdon, co-chief investment officer at Arbuthnot Latham & Co., a U.K. private bank. It is difficult for stock prices to go down when stimulus measures by the Federal Reserve and European Central Bank have pinned down bond yields, he added.

The S&P 500 snapped a five-session streak of wins Tuesday as the U.S. reported 60,000 new coronavirus cases, a single-day record, according to data compiled by Johns Hopkins University.

There are signs investors are also turning cautious in other parts of the market. Gold prices have risen to the highest level since September 2011 and are continuing to advance.

"There's definitely never been more unknown unknowns out there. We'll have to see whether the economy can stay open and people can get back to work," said Nancy Davis, portfolio manager of the Quadratic Interest Rate Volatility and Inflation Hedge Exchange-Traded Fund.

The yield on 10-year Treasury notes rose to 0.664%, from 0.648% on Tuesday. Bond yields and prices move in opposite directions.

Chinese shares resumed their recent spurt, pushing the Shanghai Composite Index up 1.7%. The index has advanced 8% this week as individual investors bet that a recovering economy will boost profits. The streak has revived memories of an earlier rally in Chinese stocks in 2015, which ended in a crash.

International stock markets were mixed. Japan's Nikkei 225 Index was down 0.8%. The Stoxx Europe 600 fell 0.7%.

Write to Joe Wallace at Joe.Wallace@wsj.com and Gunjan Banerji at Gunjan.Banerji@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.29% 26741.45 Delayed Quote.-6.22%
NASDAQ 100 0.02% 10870.213082 Delayed Quote.28.09%
NASDAQ COMP. -0.14% 10648.548387 Delayed Quote.18.51%
NIKKEI 225 -1.11% 23087.82 Real-time Quote.-1.31%
S&P 500 -0.22% 3237.04 Delayed Quote.2.62%
share with twitter share with LinkedIn share with facebook
Latest news "Markets"
10:12aWALL STREET STOCK EXCHANGE : U.S. Stocks Slip as Jobless Claims Edge Up
DJ
09:49aWALL STREET STOCK EXCHANGE : U.S. Stocks Open Lower as Jobless Claims Edge Up
DJ
09:16aU.S. Stock Futures Slip as Jobless Claims Edge Up
DJ
08:59aU.S. Stock Futures down as jobless claims rise
08:52aU.S. Stock Futures Slip as Investors Weigh Risks
DJ
08:26aU.S. Stock Futures Slip as Investors Weigh Risks
DJ
08:19aU.S. Stock Futures Wobble as Investors Weigh Risks
DJ
07:46aU.S. Stock Futures Wobble as Investors Weigh Risks
DJ
07:43aWALL STREET STOCK EXCHANGE : Oil steadies as frail demand outlook tempers U.S. stock drawdown
RE
06:51aU.S. Stock Futures Wobble as Investors Weigh Risks
DJ
Latest news "Markets"