S&P reached all-time highs
Yesterday the popular S&P 500 climbed to an all-time top, achieving an incredible comeback from the coronavirus led drop that beat its former record top back in February.
The general market average rose 0.2% to 3,389.78, to a record close. It additionally dented an intraday all-time high, touching 3,395.06 at the beginning of the day. The S&P 500′s run occurred after flirting with its all-time closing top for more than 5 days. This move also may be suggesting the start of new bullish momentum.
The managing director at Morgan Stanley Investment Management Andrew Slimmon said, “There has been a lot of good news seemingly validating” this development.
Slimmon added, “But I would argue the market here is very vulnerable to some type of bad news … You look at the type of stocks that have worked, and they’re the higher-risk, higher beta plays”.
Amazon shares exceeded expectations, by growing more than 4% yesterday while the popular video streaming service Netflix and the giant Alphabet each achieved 2%. Consumer discretionary was the most profitable sector in the S&P 500, by expanding 1.5%.
Oil weakening as demand fear kicks in
Oil prices slid today while worries increased that U.S. fuel request may not recover soon due to delayed discussions about a post-coronavirus economic incentive plan, clouding a bigger-than-expected fall in U.S. crude stocks. With investors concentrating on a major producer countries’ official meeting later today, Brent crude futures dropped 33 cents, to $45.13 a barrel having cut 9 cents today.
Greenback falls to a more than 2-year low
The U.S. dollar index dropped to its weakest level in more than two years today while the continuing influence of the Federal Reserve’s incentive arrangements undermined the greenback generally for the fifth continuous day and boosted U.S. stock indexes to record tops. The dollar index was lost 0.55% at 92.308, having briefly touched bottom at 92.124 its weakest level since May 2018. Versus the euro, the greenback further touched its lowest level since May 2018 at $1.197.
Gold falls under $2,000 mark
Gold dropped under the $2,000 mark an ounce today following increasing sharply in the prior session while the greenback weakened, and as investors anticipated minutes from the U.S. Federal Reserve’s last policy conference. U.S. gold futures dropped 0.5% to $2,002.50.
Spot gold fell 0.4% at $1,993.68 per ounce following scoring a 7-day top of $2,014.97 yesterday.
The above content is considered to be market commentary information and shall not be perceived as independent investment research or investment advice.