Mon, 25 May 2020

Solid gains on Wall Street Thursday, greenback falls

Lola Evans
10 Apr 2020, 08:06 GMT+10

NEW YORK, New York - A new bailout package and moves by the Federal Reserve bolstered the confidence of investors and traders on Wall Street on Thursday.

All the major indices made solid gains. The U.S. dollar was sharply lower across all currencies.

The U.S. central bank has come up with a $2.3 trillion program which will encourage bank to extend loans to businesses and companies with less than 10,000 employees.

The loans will be of four years duration. Additionally the Fed said it would acquire bonds issued by states, and counties with sizeable populations.

"Buying junk bonds, oh my God, pretty much unexpected, so a very strong open, and all the beaten-up names, including energy, they took off," Tim Ghriskey, chief investment strategist at Inverness Counsel in New York told Reuters Thomson Thursday.

At the close of trading Thursday, the Dow Jones Industrial Average was ahead 285.8 points, or 1.22%, at 23,719.37.

The Standard and Poor's 500 added 39.84 points, or 1.45%, to 2,789.82.

The Nasdaq Composite rose 62.67 points, or 0.77%, to 8,153.58.

According to Reuters Thomson, for the week, the Dow rose 12.7%, the S&P climbed 12.1% and the Nasdaq gained 10.6%.

U.S. Markets are closed on Friday to mark Good Friday, the start of the Easter break.

The euro regained some composure Thursday, seeing out the week at 1.0927. The British pound strengthened to 1.2540. The Japanese yen rose to 108.47.

The Swiss franc firmed to 0.9663.

The Canadian dollar edged up to 1.3975. The Australian dollar was aggressively bought up, closing out the day and week at 0.6331.

The New Zealand dollar too was in demand, rising to 0.6077.

Overseas, the FTSE 100 in London climbed 2.90%. The German Dax was up 2.24%, while in Paris, the Cac 40 gained 1.44%.

On Asian markets, the Nikkei 225 in Japan was down 7.47% or .04`% at 19,345.77.

The Shanghai Composite in China was ahead 10.53 points or 0.37% at 2,825.92.

The Australian All Ordinaries did best of all, rising 180.60 points or 3.43% to 5,439.40.

The Hang Seng in Hong Kong rose 329.96 points or 1.38% to 24,800.33.

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