· Wall Street surges as Congress preps more stimulus and oil bounces back
Wall Street surged on Wednesday as oil prices recovered and Congress looked on course to approve nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis.
The House of Representatives is expected to clear the bill on Thursday.
The Dow Jones Industrial Average rose 456.94 points, or 1.99%, to 23,475.82 during Wednesday’s session. The S&P 500 gained 2.29% to 2,799.31 while the Nasdaq Composite closed 2.8% higher at 8,495.38.
The benchmark S&P 500 is 17% below its February record high as statewide shutdowns have sparked layoffs and crushed consumer spending, putting several industries at risk of collapse.
Estimates for U.S. jobless claims for the latest week ranged as high as 5.5 million, while a reading on April U.S. factory activity was likely to fall to levels last seen during the 2008 financial crisis. Both reports are due Thursday.
Analysts have drastically cut their S&P 500 earnings expectations for the first and second quarters and are now projecting a corporate recession for 2020, according to IBES data from Refinitiv.
A week after the big U.S. banks issued dismal 2020 forecasts, consumer discretionary and technology firms fared slightly better as the lockdown measures boosted demand for online streaming and home delivery of meals.
· Stock futures slip as investors digest oil turbulence, await jobless claims
Futures contracts tied to the major U.S. stock indexes drifted lower in the overnight session Wednesday evening as investors took a breather after the turbulence of the prior three regular sessions.
Dow Jones Industrial Average futures dropped 86 points, implying an opening slip of about 90 points. S&P 500 and Nasdaq futures also pointed to mild opening losses on Thursday.
· European markets close higher as oil prices make a comeback
European shares closed higher Wednesday as oil markets bounced back from a steep sell-off.
The pan-European Stoxx 600 closed 1.8% higher provisionally, with basic resources stocks adding 3.5% to lead gains as all sectors and major bourses held in positive territory.
· Asia stocks edge higher as oil prices bounce back
Stocks in Asia traded higher on Thursday morning following an overnight rebound in oil prices that recouped some recent losses.
Japan’s Nikkei 225 rose 0.88% in early trade while the Topix index gained 0.7%. South Korea’s Kospi also edged 0.55% higher.
Meanwhile, shares in Australia advanced, with the S&P/ASX 200 0.96% higher.
Overall, the MSCI Asia ex-Japan index traded 0.18% higher.
Reference: CNBC, Reuters
Thai
Eng