S&P 500 posts modest gains, winning streak at risk

08 Juillet, 2020, 01:23 | Auteur: Auguste Feret
  • Mark Lennihan  AP

USA stocks fell on Tuesday, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new US coronavirus cases rose further.

China's stock market improvements followed shortly after the country's China Securities Journal, sponsored by influential state media outlet Xinhua News Agency, wrote that fostering a "healthy bull market" was now more important than ever, according to a Bloomberg translation of the report. NY expanded its travel quarantine for visitors from three more states, while Florida's greater Miami area rolled back its reopening.

Mester said during an interview with CNBC that a resurgence in coronavirus cases across the country is making consumers more cautious, and more fiscal stimulus is needed to help the economy recover fully from the crisis.

The gains came despite a record surge in new COVID-19 cases in 16 states in the United States this month that could further hamper reopening plans and create a risk to the economic recovery.

The Dow Jones Industrial Average shed 1.5 per cent to 25,890.18, while the S&P 500 dropped 1.1 per cent to 3,145.32.

The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 152 new highs and 14 new lows.

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The S&P 500 is still up more than 40% from its March closing low. Amazon shares slipped 1.3%.

Novavax jumped 31.6 per cent after the U.S. announced it was providing US$1.6 billion (S$2.2 billion) in funding for the development and manufacture of a Covid-19 vaccine candidate produced by the biotech company. Earlier Tuesday, the S&P 500 e-minis triggered a "golden cross" pattern, when the 50-day moving average crossed above the 200-day moving average, which could portend more gains for stocks in the short term.

A slew of upbeat United States data, including a record rise in June payrolls, helped the Nasdaq close at an all-time high on Thursday and brought the S&P 500 and the Dow almost 8 percent and 13 percent below their respective peaks from February.

Declining issues outnumbered advancing ones on the NYSE by a 2.73-to-1 ratio; on Nasdaq, a 2.63-to-1 ratio favored decliners.

Volume on US exchanges was 10.91 billion shares, compared with the 12.9 billion average for the full session over the last 20 trading days.

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