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World Dow posts its biggest weekly gain since April

03:22  23 may  2020
03:22  23 may  2020 Source:   msn.com

Jobless claims rise by nearly 3M, bringing COVID-related total to 36.5 million

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The Dow , however, still ended its best week since 1938, and the S&P 500 closed out its best week since 2009. Here’s where the markets settled at “The real estate sector and big -ticket durable goods producers should get back some of what they lost, as people (who didn’t lose their jobs and income

On Thursday, the Dow marked its best three-day gain since 1931, while it was the best such gain for the S&P since 1933. The week ’s sharp stock-market rebound was attributed partly to optimism over the U.S. fiscal stimulus plan in concert with aggressive monetary policy easing by the Federal

Stocks closed little changed Friday as investors capped a strong week of gains amid optimism around a potential coronavirus vaccine and the U.S. reopening its economy.

The S&P 500 rose 0.2% to 2,955, while the Dow slipped 8 points to 24,465. The Nasdaq outperformed, rising 0.4% to 9,324.

For the week, Dow gained 3.3% to post its best weekly performance since April 9. The S&P 500 and Nasdaq also rose more than 3% this week. The Russell 2000, which tracks small-cap stocks, trounced the large-cap indexes this week with a more than 7% jump.

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Investing.com - Gold futures traded flat on Friday, but remained on track for its biggest weekly win since mid- April , supported by a slide in the dollar amid ongoing U.S. political turmoil. Gold for June delivery on the Comex division of the New York Mercantile Exchange gained .20 or 0.10%, to

The Nasdaq Composite rose to its biggest weekly gain of the year, boosted by signs of strength in Dow Jones, a News Corp company. News Corp is a network of leading companies in the worlds of The index ended a six- week losing streak, its longest since early 2014, with its biggest weekly gain

News about a potential vaccine from Moderna sent equities flying earlier in the week, with the Dow surging more than 900 points on Monday. Moderna said all 45 participants in its vaccine trial had developed coronavirus antibodies. Reuters reported, citing scientists leading the program, the U.S. is working on a effort involving more than 100,000 volunteers to test promising vaccine candidates.

“This week started off really strong and put us on a good trajectory,” said Matt Stucky, a portfolio manager at Northwestern Mutual. “There’s an increasing probability that something more permanent in nature is going to fix the problem, and that should be discounted in a positive way.”

On Friday, Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told NPR that Moderna’s vaccine data looks promising. Moderna shares rose more than 2% on those comments.

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Gold gains on bleak U.S. data, but en route for 2% weekly fall - Reuters News 01-May-2020 01:12:37 PM • Bullion down 2.4% so far this week • Palladium eyes 5th straight weekly drop In other precious metals, silver slipped 3.1% to .89 per ounce and is set for its biggest monthly rise since October.

The yen posted its biggest weekly gain since the 2008 financial crisis, also spurred by a weak reading of U.S. economic growth in the first MSCI’s all-country world stock index fell 0.4 percent. On Wall Street, the Dow Jones industrial average closed down 57.12 points, or 0.32 percent, to 17,773.64.

Fauci later told CNBC’s “Halftime Report” he is enthusiastic about the economy reopening.

“We can’t stay locked down for such a considerable period of time that you might do irreparable damage and have unintended consequences, including consequences for health,” Fauci said. “It’s for that reason that the guidelines have been put forth so that the cities and states can start to reenter and reopen.”

Retailers such as TJX and Gap were among the best-performing stocks this week, bolstered by optimism over states reopening their economies. TJX rallied 13.2% for the week while Gap advanced 8%. Citigroup, JPMorgan Chase and Wells Fargo all climbed more than 3% this week.

“The future remains uncertain, and thus we are not confident in saying a second wave cannot happen -- but the good news, there has yet to be a second wave in re-opened economies,” said Tom Lee, the founder and head of research at Fundstrat Global Advisors. “We remain in the half-full camp and believe stocks offer pretty good risk/reward, even here.”

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Analysts pointed out that the metal posted its biggest weekly gain since 2008, with the biggest impetus an early- week announcement of open-ended “I believe the sell-off today is attributed to the both the options expiration last night and the fact that the April contract will be rolling into June by

Amid the coronavirus crisis and its impact on the retail industry, today the retail giant quietly announced in its quarterly report that it would be discontinuing Jet.com, the online-only marketplace that it acquired when it was just over one year old for billion (plus 0 million in earn-outs over time), as it

Enthusiasm over a coronavirus vaccine and the economy reopening was kept in check Friday, however, as tensions between China and the U.S. rose.

Overnight, China released draft legislation over new national security measures on Hong Kong after last year’s burst of anti-government protests in the city. That law is expected to increase Beijing’s hold over Hong Kong. China also opted against setting a GDP target for 2020 as the coronavirus batters the second-largest economy in the world.

That proposal was unveiled after the Senate passed a bill earlier in the week that would potentially delist Chinese stocks from U.S. exchanges.

Ed Mills, Washington policy analyst at Raymond James, said the bill is moving at “warp speed,” noting: “We believe there will be a significant push for the legislation to be taken up in the coming weeks, and we believe it is only a matter of time before this bill (or something similar) is signed into law.”

The S&P 500 ended the week about 35% above an intraday low set on March 23.

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