Dow Jones dips at open on virus fears, US-China tensions

01 Juillet, 2020, 02:42 | Auteur: Auguste Feret
  • The New York Stock Exchange is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York City New York U.S

Yesterday, the Australian share market closed 1.4 per cent higher at 5898 yesterday.

The Canadian dollar traded for 73.11 cents U.S. compared with 73.09 cents United States on Monday.

ABS, Building approvals for May.

The S&P 500, the broadest of the three major indices, finished at 3,100.29, up 1.5 per cent for the day and around 20 per cent for the quarter, the biggest gain since 1998.

Meanwhile, kicking off a data-heavy week for Wall Street, consumer confidence is expected to have climbed to 91.8 in June from 86.6 in May.

"What everybody sees is if we can get something that puts an end to the spread [of the coronavirus] or the spread becomes less, there is literally so much money out there that the Fed has put out there that when we turn, it is going to be a rocket ship the other way", said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

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At 11:11 a.m. ET, the Dow Jones Industrial Average was up 60.79 points or 0.24% at 25,656.59, the S&P 500 was up 23.34 points or 0.76% at 3,076.58, and the Nasdaq Composite was up 108.17 points or 1.10% at 9,982.33.

It was the strongest quarter for the Dow (+17.8pc) since March 1987.

The aeroplane maker gave back some of Monday's 14 per cent surge after Norwegian Air cancelled orders for 97 aircraft and said it would claim compensation for the worldwide grounding of the troubled 737 MAX, and for 787 engine troubles that hit its bottom line. But that was still 34.5 points below its pre-pandemic level.

On Tuesday, new coronavirus cases remained elevated as northeastern states broadened quarantines on visitors to include additional states and top infectious disease expert Anthony Fauci said the USA was heading in the "wrong direction", warning cases could reach 100,000 a day if actions are not taken.

Simmering US-China tensions also remained a possible headwind, with Washington beginning to eliminate Hong Kong's special status under US law. China said it would retaliate.



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