Financials help boost S&P/TSX composite, USA stock markets mixed

02 Juin, 2020, 17:37 | Auteur: Auguste Feret
  • The German share price index DAX graph

Rioting and protests over the killing of George Floyd has now lasted six days.

The Dow ended higher on Monday, shrugging off civil unrest across several cities in the USA that threatens efforts to reopen the economy.

In morning trading on Wall Street, the Dow Jones Industrial Average rose 142.61 points, or 0.56%, to 25,617.63, the S&P 500 gained 10.38 points, or 0.34%, to 3,066.11 and the Nasdaq Composite added 7.15 points, or 0.07%, to 9,559.20. S. stock exchanges for potential unfair financial practices.

Active movers were led by Allied Esports Entertainment Inc.

Some U.S. demonstrators, angered over the recent death of the unarmed African American, George Floyd, while in police custody, had set fire to a mall in Los Angeles overnight, looted stores in NY, and at least five U.S. police had been hit by gunfire in separate incidents. The move came after Trump said he would take steps to revoke Hong Kong's favored trade status, in response to a controversial new security law passed by China's parliament.

"Equity markets continue to display remarkable resilience in the face of a constant barrage of troubling developments, with investors continuing to focus on the positive signs of reopening", said Mark Hackett, chief of investment research at Nationwide.

On the macro front, the Institute for Supply Management's New York Index will be published at 1445 BST.

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The Commerce Department said that US construction spending fell 2.9% in April, after a flat reading in March.

May Purchasing Managers Index data pointed to a fragile but encouraging recovery in global manufacturing, raising hopes that the worst is over, while reports that Germany was considering a stimulus plan to boost auto sales lifted European stocks.

Investors largely seemed to discount the clashes between police and civilians in the the worst civil unrest in decades erupted in American cities this weekend. Reuters later reported that China had made orders for US soybeans. "We've seen this all before, going back to the civil protests in the 1960s", said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

More than 6 million cases of coronavirus have been confirmed around the world, including more than 1.7 million in the U.S.

Overnight in Asia, markets finished higher. The S&P 500 - a gauge of USA retirement and education savings accounts, rose 11.42 points, or 0.4%, to 3,055.73.

Japan's Nikkei rose 1.2% to its highest since late February and markets in Seoul, Taipei, Hong Kong and China [.SS] also gained as the Chinese central bank there provided another shot of stimulus.

Crude oil futures edged up 0.17% at $35.55 per barrel, Brent crude gained 0.63% at $38.56. The Dow rose about 90 points on Monday after a 4.2% gain in May and a 11% rally in April. Oil added 1.5%. Treasury yields were higher.



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