The stock rebounded across Asia on Thursday following gains for large technology stocks, setting most Wall Street benchmarks high.
COVID-19’s potential vaccine news has been met with growing logistical challenges of ensuring access to billions and concerns over growing caseloads leading governments to fight pandemics to ban trade and other activities Huh.
Vaccine trades have given way to ‘stay home’ trades in the form of shares of companies that do well for people staying home and working remotely, Mizuho Bank said in a comment. Development is at worst two steps one step ahead, not one step ahead and two steps on an ongoing basis. ”
Tokyo’s Nikkei 225 index rose 0.4% to 25,459.13, despite reports that machinery orders fell in September, suggesting weakness in corporate investment.
But elsewhere in Asia, the mood was high.
Hong Kong’s Hang Seng index fell 0.1% to 26,206.78 and the Shanghai Composite Index dipped 0.3% to 3,332.24. In Seoul, Cospi dropped 0.2% to 2,480.95. Australia’s S&P / ASX 200 slipped 0.2% to close at 6434.60.
The Dow Jones Industrial Average dipped 0.1% to 29,397.63, with weak prices dragged behind for companies such as American Express and Walt Disney, with news of travel, entertainment, and tourism growth potentially shipped this week Did shoot after coming.
Shortly after the news passed, the Dow refused that New York would ban bars, restaurants, and gyms as COVID-19 infection intensified in the state.
There is a wave of relief on hopes for a possible vaccine to survive the epidemic. The S&P 500 rose 0.8% to 3,572.66 and is just 8 points below the record high set in September. The technology-heavy NASDAQ composite rose 2% to 11,786.43.
While there remain significant risks to Wall Street, the optimistic case that investors are embracing is that one or more coronavirus vaccines may help prevent the virus by the second half of next year, helping people Be encouraged to return to life as it was before the epidemic.
All that economic activity will come on top of the tremendous support that the Federal Reserve and other central banks around the world are pumping into the economy through very low-interest rates and large-scale bond purchases. There is also hope that the US government may eventually provide some kind of support for the economy, although its overall size would probably be smaller than it would have been if Democrats had swept the elections this month.
Strategists along with Wall Street are raising their forecasts for stock prices on the expectation that Washington’s political control will remain divided between the parties. Republicans are prepared to hold the Senate until the runoff elections in Georgia make their way into January, while Democrats will hold the House of Representatives.
Democrat Joe Biden has garnered enough electoral votes to win the White House, eliminating some of the uncertainties in the market through vicious campaigning. Even though President Donald Trump has refused, investors have so far ignored his complaints. They are working on the notion that a divided Washington under Biden can keep tax rates low while offering more stable and predictable policies.
Those expected results helped Goldman Sachs strategists to raise their forecast for the S&P 500 from 3,600 to 3,700 later this year. It will climb 4.4% from Tuesday’s closing level. They expect it to rally another 16% through 2021. But the biggest driver for this is expected to return to normal life rather than what happens in Washington.
In other trades, benchmark US crude gained 19 cents to $ 41.64 a barrel in electronic trading on the New York Mercantile Exchange. It climbed 9 cents to $ 41.45 on Wednesday.
Brent crude, the international standard, added 17 cents to $ 43.97 a barrel.
The US dollar weakened from 105.42 yen to 105.31 Japanese yen. The euro peaked from $ 1.1776 to $ 1.1781