🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Stocks Climb to Records With Virus Impact Unkown: Markets Wrap

Published 02/06/2020, 02:27 PM
Updated 02/06/2020, 03:06 PM
Stocks Climb to Records With Virus Impact Unkown: Markets Wrap
XAU/USD
-
BA
-
USD/CNY
-
GC
-
STOXX
-
TWTR
-

(Bloomberg) -- U.S. stocks continued their relentless push higher even as the economic impact from the deadly coronavirus remains murky. Treasuries were mixed and gold advanced.

The S&P 500’s four-day rally topped 3.5% as major equity benchmarks hit all-time highs on the strength of solid corporate results and signs that central banks stand ready to act if growth falters. The torrid ascent has some firms warning about a sense of euphoria taking over among investors, especially as the coronavirus epidemic continues to spread and China's economy remains virtually locked down. Treasuries erased losses and gold climbed in a sign of some demand for haven assets.

In corporate news, Boeing (NYSE:BA) spiked almost 4% after saying it fixed a software bug in its grounded plane. Twitter Inc (NYSE:TWTR). rallied after topping projections for fourth-quarter revenue. Strong results helped powered the Stoxx Europe 600 Index to a record. Japaneses equities added more than 2% as Toyota Motor Corp. reported a higher-than-expected profit.

“A lot of the moves this week have been explained by a relief rally that the coronavirus seems to be slowing somewhat, clearly there was a lot of uncertainty embedded in market behavior coming in,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management. “It does still have a number of question marks still out there.”

Here are some key events coming up:

  • German industrial production is due on Friday.
  • The U.S. employment report for January is set for Friday release.
  • Australia’s central bank chief speaks and takes questions at a parliamentary committee.
And these are the main moves in markets:

Stocks

  • The S&P 500 Index rose 0.3% as of 2:27 p.m. New York time.
  • The Stoxx Europe 600 Index increased 0.4%.
  • The MSCI Asia Pacific Index increased 1.8%.
  • The MSCI Emerging Market Index gained 1.3%.
Currencies

  • The Bloomberg Dollar Spot Index rose 0.1%.
  • The euro fell 0.2% to $1.0979.
  • The onshore yuan was little changed at 6.9708 per dollar.
  • The Japanese yen fell 0.1% to 109.97 per dollar.
Bonds

  • The yield on 10-year Treasuries fell one basis point to 1.65%.
  • Germany’s 10-year yield fell one basis point to -0.37%.
  • Japan’s 10-year yield rose two basis points to -0.024%.
Commodities

  • West Texas Intermediate crude rose 0.3% to $50.92 a barrel.
  • Gold futures rose 0.4% to $1,568.80 an ounce.

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.