Saturday, 10 October 2020

Markets higher on hopes for US fiscal stimulus

Markets were mostly higher on Friday.

The S&P 500 rose 0.9 percent and the STOXX Europe 600 rose 0.6 percent. The Nikkei 225 dipped 0.1 percent.

US stocks rose as fiscal stimulus talks resumed, with President Donald Trump telling Fox News that there was a good chance an accord could be reached.

“I view election uncertainty as noise and I would be a buyer on short-term volatility,” said Ben Kirby, co-head of investments at Thornburg Investment Management.

Also possibly boosting sentiment in the markets was news that Gilead Sciences's COVID-19 drug remdesivir shortened the time to recovery from the disease.

However, Reuters reported that a dozen US Midwestern states together reported a record 16,807 new cases on Thursday, with the number of hospitalisations hitting a record high for the fourth consecutive day.

No comments:

Post a Comment