October 28, 2021

The Queens County Citizen

Complete Canadian News World

U.S. stocks have extended the biggest rally since April; Oil droplets

U.S. stocks have extended the biggest rally since April;  Oil droplets

Stocks rallied around the world as investors rushed into technology and healthcare companies as the U.S. election results showed no major tax hikes or regulatory changes that would derail sectors. The dollar weakened to a two-year low.

The S&P 500 rose more than 1 percent for the fourth day in a row and reached its best week since April. The tech-heavy Nasdaq 100 rose 2.6 percent, up more than 9 percent this week. Federal Reserve officials have kept interest rates close to zero and have made no changes to property purchases as the US presidential and congressional election results are uncertain.

“We are looking at the beginning of a re-emergence of leadership from technology,” said Tracy McMillion, head of global asset allocation strategy for the Wells Fargo Investment Institute. “Markets really look like moving forward in terms of leadership and what Biden considers to be the presidency with the Republican Senate.”

Counting of votes continues in some key states as Democrat Joe Biden needs to win just one to oust President Donald Trump. With that result the multi-trillion-dollar stimulus package could be approved along with the split legislature.

“In the short term, it will focus on the possibilities of a new financial package from Congress, which will be possible before the end of the year after the election results are revealed,” said Jason Pride, chief investment officer for private wealth. Glennmead. “But for now, the size, scope and timing of that next package are still unclear.”

The dollar has fallen the most against the euro since March. Oil declined for the first time in four sessions.

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Growth in tech shares and some strong corporate results boosted the Stokes Europe 600 index. Uber Technologies Inc. and Peloton Interactive Inc. are releasing results after the end of US trading.

Elsewhere, UK government bonds reversed the precedent as investors shifted their focus to the slow pace of borrowing, as indicated by Bank of England’s new asset-buying targets. Bitcoin more than doubled its value in 2020 to more than US $ 1,000 and reached $ 15,000.

Here are some highlights:

  • A key U.S. non-farm payrolls report is due Friday.
  • Earnings are expected this week from companies including Macquarie Group Ltd and Toyota Motor Corporation on Friday.

Some of the major movements in the markets are:

Stocks

  • The S&P 500 index rose 1.9 percent to 3,510.41, the highest in more than three weeks, at 4:02 pm New York time.
  • The Dow Jones Industrial Average rose 1.9 percent to 28,390.51, its highest level in almost three weeks.
  • The Nasdaq Composite Index rose 2.6 percent to 11,890.93, its highest in two months.
  • The Nasdaq 100 Index rose 2.6 percent to 12,078.07, its highest level in more than three weeks.
  • The Stocks Europe 600 index rose 1 percent to 367.12, the highest in almost three weeks with a fifth consecutive advance.
  • The MSCI All-Country World Index rose 2.2 percent to 591.61, the highest in more than three weeks on a 20-week high.

Currencies

  • The Bloomberg Dollar Spot Index fell 1 percent to 1,153.07, the lowest level in two years on the biggest decline in seven years.
  • The euro rose 0.9 percent to US $ 1.1827, the strongest in five months in almost two weeks.
  • The Japanese yen rose 1 percent to 103.53, the biggest increase in almost eight weeks in almost 10 weeks.
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Bonds

  • Yields on two-year treasuries rose by less than one basis point to 0.15 per cent.
  • Yields on ten-year treasuries rose one basis point to 0.77 per cent.
  • Yields on 30-year treasuries fell one basis point to 1.54 percent, the lowest level in almost three weeks.
  • Germany’s ten-year yield fell less than a basis point to -0.64 percent.
  • Britain’s ten-year yield rose three basis points to 0.234.

Objects

  • West Texas Intermediate crude fell 1.6 percent to $ 38.52 a barrel, the biggest fall of the week.
  • Gold rose 2.5 percent to $ 1,950.65 an ounce, its highest jump in almost seven weeks and the biggest in seven months.