Wall Street climbs higher, dollar rally runs out of steam

NEW YORK, New York – Demand for A-list technology stocks propelled the three major U.S. indices higher on Thursday, pushing the tech-laden Nasdaq Composite to a new record peak.

The $2 trillion-plus Apple, Microsoft and Amazon continued their meteoric rise, with Apple now up more than 60% this year.

“Investors are looking through this downturn towards a point where we will begin to get a recovery especially with the Federal Reserve backstopping the companies,” Brian Reynolds, chief market strategist at Reynolds Strategies told Reuters Thomson Thursday.

“Whether it’s right or wrong, that’s the way it is. Though, I think the market is getting a little too exuberant,” he said.

At the close of trading Thursday, the Dow Jones Industrial Average was ahead 46.85 points, or 0.17%, at 27,739.73.

The Standard and Poor’s 500 rose 10.66 points, or 0.32%, to 3,385.51.

The Nasdaq Composite gained 118.49 points, or 1.06%, to 11,264.95.

The U.S. dollar ran out of steam on Thursday. The euro bounced back to 1.1863 by the U.S. close. The British pound rallied to 1.3216. The Japanese yen advanced to 105.79. The Swiss franc firmed to 0.9079.

The Canadian dollar strengthened to 1.3184. The Australian dollar jumped to 0.7193. The New Zealand dollar gained to 0.6534.

On overseas equity markets the German Dax dropped 1.14%. In Paris, France the CAC 40 lost 1.33%. London’s FTSE retreated 1.61%.

On Asian markets, the Shanghai Composite fell 44.23 points or 1.30% to 3,363.90.

In Hong Kong, the Hang Seng dived 387.52 points or 1.54% to 24,791.39.

Japan’s Nikkei 225 ended the day off 229.99 points or 1.00% to 22,880.62.

The Australian All Ordinaries lost 42.40 points or 0.67% to 6,271.70.

Published at Thu, 20 Aug 2020 22:01:43 +0000

Source: Wall Street climbs higher, dollar rally runs out of steam.

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