Tuesday, 27 April 2021

S&P 500, Indian COVID-19 cases hit record highs

Markets were mostly higher on Monday.

The S&P 500 rose 0.2 percent to a record high, the STOXX Europe 600 rose 0.3 percent and the Nikkei 225 rose 0.4 percent.

“Growth is still improving and liquidity is still abundant,” said Andrew Sheets, chief cross-asset strategist at Morgan Stanley. “The bull market remains intact [but] a harder, choppier, more range-bound summer does seem likely.”

“Despite the strong earnings reports we’ve seen thus far, the market is really taking beats in stride amid already high valuations,” said Chris Larkin, managing director of trading and investing product at E-Trade.

On the COVID-19 front, the US picture is looking brighter as officials have started talking about reaching the “finish line”.

However, in India, it is panic stations as the country reported a record 352,991 new coronavirus infections on Monday and overcrowded hospitals in Delhi and elsewhere turn away patients after running out of supplies of medical oxygen and beds.

“Currently the hospital is in beg-and-borrow mode and it is an extreme crisis situation,” said a spokesman of the Sir Ganga Ram Hospital in the capital.

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