Wed, 21 Oct 2020

U.S. investors latch on to global-wide stocks rally

Lola Evans
29 Sep 2020, 07:29 GMT+10

NEW YORK, New York - U.S. stocks rallied on Monday in line with global share markets.

"Today's market is being led by energy and financials, but it's a very well-balanced market. Every sector is participating in this rally," Tim Ghriskey, chief investment strategist at Inverness Counsel in New York told the Reuters Thomson news agency Monday.

"Given that it's been a weak month, some re-balancing may be occurring. The re-balancing would move allocations to equities and some of that may be happening today."

Speculation about a new stimulus package did the rounds. "I'm not sure there's any chance of it happening before the end of the year but it's in the news and giving some traders some confidence," Ghriskey said.

At the close of trading Monday, the Dow Jones Industrial Average was ahead 410.1 points, or 1.51%, at 27,584.06.

The Standard and Poor's 500 added 53.14 points, or 1.61%, to 3,351.60.

The Nasdaq Composite climbed 203.96 points, or 1.87%, to 11,117.53.

The rally in the U.S. dollar paused as stocks rose, a usual phenomena. Around the New York close Monday the euro had risen modestly to 1.1665. The British pound continued a rally begun in Asia, rising to 1.2837.

The Japanese yen fell a fraction to 105.51. The Swiss franc firmed to 0.9247.

The Canadian dollar edged up to 1.1332. The Australian dollar made modest ground to 0.7073. The New Zealand dollar meantime was unchanged at 0.6551.

In Europe the gains were greater than in the United States. Germany's Dax advancef 3.22%, while in Paris, France, the CAC 40 climbed 2.40%.

London's FTSE 100 gained 1.46%

On Asian markets, in Tokyo the Nikkei 225 rose 307.00 points or 1.32% to 23,511.62.

The Hong Kong Hang Seng advanced 240.63 points or 1.04% to 23,476.05.

The Australian All Ordinaries added 6.00 points or 0.10% to 6,146.50.

China's Shanghai Composite dipped 1.88 points or 0.06% to 3,217.53.

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