Wall Street Close: Benchmarks mixed on conflicting sentiment
- S&P 500 unofficially closes up 15.75 points, or 0.51%, at 3,116.04.
- NASDAQ unofficially closes up 94.92 points, or 0.94%, at 10,153.69.
- Dow Jones unofficially closes down 74.66 points, or 0.29%, at 25,738.22.
US markets were mixed overnight with the US benchmarks eeking out small gains at the start of a new month and quarter at the heels of an easing European session and a haphazard Asian session.
On the one hand, US data was yet again better than expected, lifting spirits ahead of the mid-day consolidation. on the other hand, the positive US data was tempered by a lift in COVID-19 cases.
However, there was some optimum in the encouraging preliminary trial results of an experimental coronavirus vaccine from Pfizer — a Dow component stock — which rallied 5% on the day.
There are some expectations that a safe and effective treatment can be found, even though it’s unlikely one will be available before 2021.
Subsequently, the S&P 500 unofficially closed up 15.75 points, or 0.51%, at 3,116.04, the NASDAQ unofficially ended up 94.92 points, or 0.94%, at 10,153.69 and the Dow Jones unofficially fell, losing 74.66 points, or 0.29%, to end at 25,738.22.
US economy is rapidly recovering
As for the US data, a reading of 52.6 pts for the ISM manufacturing index indicates the US economy is rapidly recovering, noted analysts at ANZ Bank.
The 9.5 pt lift was the largest monthly rise since August 1980. New orders lifted sharply lifting to 56.4 pts from 31.8 while production increased from 33.2 pts to 57.2. The employment sub-index was not so rosy with jobs still being shed but at a slower rate.
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Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
