GLOBAL MARKETS-Wall Street leads stocks' rebound, sterling dips

GLOBAL MARKETS-Wall Street leads stocks' rebound, sterling dips

Reuters  | Jun 30, 2020 04:40

GLOBAL MARKETS-Wall Street leads stocks' rebound, sterling dips

* Deaths from COVID-19 reached half a million on Sunday
* Sterling drops on infrastructure funding concerns
* Boeing up 14%, boosts industrial stocks

(Updates to U.S. stock market close)
By Rodrigo Campos
NEW YORK, June 29 (Reuters) - A gauge of stocks across the
world rose on Monday, led by a rebound on Wall Street, even as
rising COVID-19 cases threaten to stall the recovery of the
world's largest economy.
Contracts to buy U.S. previously owned homes rose by the
highest percentage on record in May. But they remained below
their February level and were down compared with May 2019, which
also kept alive expectations for even more economic stimulus.
Analysts at Morgan Stanley said a further injection of cash
was critical to the bank's thesis for a V-shaped U.S. economic
recovery.
"The market believes that the (Federal Reserve) has its
back," said Sam Stovall, chief investment strategist at CFRA
Research in New York.
"If things get really bad, the Fed will step in with
additional monetary easing and basically reach into their bag of
tricks to do whatever they need to support the market."
Confirmed COVID-19 cases worldwide rose past 10 million and
deaths surpassed 500,000 on Sunday. The relentless spread of the
new coronavirus in the United States, Latin America and
elsewhere curbed optimism over the global economy and raised
worries that some reopening plans will be delayed.
Boeing shares BA.N shot up 14% after 737 MAX certification
flights started Monday and the rally gave life to the Dow
industrials .DJI , while factory- and materials-heavy sectors
of the S&P 500 .SPX boosted the benchmark index. Indexes
closed the day at or near session highs. The Dow Jones Industrial Average .DJI rose 580.25 points,
or 2.32%, to 25,595.8, the S&P 500 .SPX gained 44.19 points,
or 1.47%, to 3,053.24 and the Nasdaq Composite .IXIC added
116.93 points, or 1.2%, to 9,874.15.
The pan-European STOXX 600 index .STOXX rose 0.44% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.74%.
Emerging market stocks lost 0.48%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.93%
lower, while Japan's Nikkei futures NKc1 rose 0.29%.
It is an important week for U.S. data, with the ISM
manufacturing index on Wednesday and monthly payrolls on
Thursday, moved up a day due to observance of the Independence
Day holiday on Friday. Fed Chair Jerome Powell is testifying on
Tuesday.
Bill Merz, head of fixed income research at U.S. Bank Wealth
Management in Minneapolis, said he expected small changes for
long-term yields, noting that Treasuries may be "one of the
least-interesting markets for the rest of the year" due to the
Fed's influence on the short end of the curve.
The yield on benchmark 10-year notes US10YT=RR was barely
changed from late Friday at 0.6381%. The long end of curve edged
higher as investors hoped for a stimulus-backed economic
rebound. The 30-year bond US30YT=RR last fell 12/32 in price
to yield 1.3877%, from 1.372%.
In currency markets, sterling fell against both the dollar
and euro as investors focused on how Britain's government will
pay for its planned infrastructure push, while Brexit-related
risks kept pressure on the pound. Sterling GBP= was last trading at $1.2292, down 0.33% on
the day after falling nearly 0.7% earlier.
The dollar index =USD rose 0.011%, with the euro EUR= up
0.17% to $1.1236.
The Japanese yen weakened 0.35% versus the greenback at
107.55 per dollar.
U.S. crude CLc1 recently rose 2.73% to $39.54 per barrel
and Brent LCOc1 was at $41.55, up 1.29% on the day.


<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
Global markets asset performance QTD https://tmsnrt.rs/3i9fC1n
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (UK) English (India) English (Canada) English (Australia) English (South Africa) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the Investing.com App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.