sunny.png
Monday August 2nd, 2021 12:42PM

World shares mixed after stimulus lifts Dow, S&P to records

By The Associated Press
Related Articles
  Contact Editor

BANGKOK (AP) — World shares were mixed Friday after broad gains lifted several major indexes to all-time highs on Wall Street as the U.S. stimulus package finally became law.

Shares fell in Paris and Frankfurt but rose in Tokyo and Shanghai. Oil prices fell and the yield on the U.S. 10-year Treasury rose to 1.58%.

On Thursday, the S&P 500, the Dow Jones Industrial Average and a measure of small-company stocks all closed at record levels as President Joe Biden signed a $1.9 trillion economic relief bill into law.

Tokyo’s benchmark rose 1.7%. Hong Kong declined but the Shanghai Composite index recovered from early losses. Oil prices fell and the yield on the U.S. 10-year Treasury rose to 1.57%.

U.S. markets surged Thursday after Biden signed into law a sweeping pandemic relief package that would provide $1,400 checks for most Americans and direct billions of dollars to schools, state and local governments, and businesses affected by pandemic-related shutdowns, which began a year ago.

That and progress in vaccinations against Covid-19 have helped settle some of the uncertainty that has roiled markets in recent weeks.

“With regular service resumed, we can expect markets globally to end the week on a positive note," Jeffrey Halley of Oanda said in a commentary. But a calming of worries over inflation, eased by a lower than expected U.S. consumer price reading for February, is likely temporary, he said.

Prices are expected to rise as the economy recovers.

“The inflation genie may have been put back into its bottle for the weekend, but someone is sure to pick it up and uncork it again soon," Halley said.

Germany's DAX fell 0.5% to 14,491.77 and the CAC 40 in Paris lost 0.2% to 6,025.96. In Britain, the FTSE 100 was flat, at 6,736.71. U.S. futures augured a lackluster start to Friday trading, with the contract for the S&P 500 down 0.4% and that for the Dow almost flat.

The respite for markets is likely to be brief, with the talks between U.S. and Chinese officials scheduled for March 18 in Anchorage, Alaska, expected to tackle intense disagreements over trade, the pandemic and human rights issues, Secretary of State Antony Blinken told lawmakers.

It will be the first face-to-face talks since Biden took office at a time of growing strains between the two largest economies.

In Asian trading, Tokyo's Nikkei 225 added 1.7% to 29,717.83.

Rakuten jumped 8.6% and Japan Post shares advanced 4.9% after the two companies announced the postal giant will invest about $1.4 billion in an 8% stake in the e-commerce venture to strengthen a partnership in deliveries, fintech and other areas.

South Korea's Kospi climbed 1.4% to 3,054.39. In Australia, the S&P/ASX 200 added 0.8% to 6,766.80. Hong Kong's Hang Seng shed 2.2% to 28,739.72, while the Shanghai Composite index gained 0.5% to 3,453.08.

On Thursday, the S&P 500, the Dow Jones Industrial Average and a measure of small-company stocks all closed at record levels as a recent stretch of volatile trading in the bond market continued to ease, keeping investors in a buying mood.

The S&P 500 added 1% to 3,939.34. The Dow added 0.6% to 32,485.59, its second all-time high in a row.

The Nasdaq composite gained 2.5% to 13,398.67. The tech-heavy index, which earlier in the week skidded more than 10% below its February peak, has regained some ground, but remains 4.9% below that all-time high.

Traders also bid up shares in smaller stocks, pushing the Russell 2000 index up 2.3% to 2,338.54.

Benchmark U.S. crude slipped 40 cents to $65.62 per barrel in electronic trading on the New York Mercantile Exchange. It gained 2.5% on Thursday. Brent crude, the international standard for pricing, lost 28 cents to $69.35 per barrel.

The U.S. dollar cost 109.11 Japanese yen, up from 108.53 yen late Thursday. The euro fell to $1.1937 from $1.1983.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
World shares mixed after stimulus lifts Dow, S&P to records
Stocks are mixed in Europe and Asia after broad gains lifted several major indexes to all-time highs on Wall Street
3:56AM ( 28 minutes ago )
Newspaper: China to soon try 2 Canadians on spying charges
A Communist Party newspaper says China will soon begin trials for two Canadians arrested in apparent retaliation for Canada's detention of a senior executive for Chinese communications giant Huawei Technologies
3:40AM ( 43 minutes ago )
UK GDP shrinks 2.9% amid COVID lockdown; Brexit cuts exports
The British economy shrank 2.9% in January as the nation was hit by a new round of coronavirus restrictions and Brexit slashed exports to the European Union
3:33AM ( 50 minutes ago )
Associated Press (AP)
The Latest: Thailand delays AstraZeneca jabs over concerns
Thailand has delayed use of the AstraZeneca vaccine after several European countries temporarily suspended the jabs following reports of blood clots in some people
2:11AM ( 2 hours ago )
Asian shares mixed after stimulus lifts Dow, S&P to records
Stocks are mixed in Asia after broad gains lifted several major indexes to all-time highs on Wall Street
1:57AM ( 2 hours ago )
The Latest: India reports biggest day jump in months
India has registered its worst single-day jump in coronavirus cases since late December with 23,285
1:52AM ( 2 hours ago )
AP Business
Dow, S&P 500 hit records as stimulus bill becomes law
Broad gains in stocks pushed several major indexes to all-time highs on Wall Street
5:41PM ( 10 hours ago )
DOJ seeks $3.2M from West Virginia governor's coal companies
The U.S. Department of Justice is seeking $3.2 million in penalties from Appalachian coal mines owned by West Virginia Gov. Jim Justice
5:32PM ( 10 hours ago )
Iran cracks down on contentious pop music video with arrests
Iranian media and a California-based management company say that Iranian authorities have arrested multiple producers connected to a prominent Iranian pop singer in exile
5:26PM ( 10 hours ago )
AP Business - Corporate News
Biden aims for quicker shots, virus 'independence' by July 4
In a prime-time address, President Joe Biden has outlined his plan to make all adult Americans eligible for vaccination by May 1 — and he raised the prospect of gaining what he called “independence from this virus” by the Fourth of July
9:33PM ( 6 hours ago )
Biden sets May 1 target to have all adults vaccine-eligible
President Joe Biden is outlining his plan to make all adult Americans eligible for vaccination by May 1 and get the nation back “closer to normal” by the Fourth of July
8:39PM ( 7 hours ago )
UN chief blasts vaccine nationalism, hoarding, side deals
The United Nations chief is criticizing the “many examples of vaccine nationalism and vaccine hoarding” as well as side deals with COVID-19 vaccine manufacturers that undermine access to all people in the world
8:23PM ( 8 hours ago )
AP Business - Economy
US stocks open higher with help from Big Tech companies
Stocks are starting higher on Wall Street with an assist from technology companies, which have seen big swings in recent days
9:46AM ( 18 hours ago )
European Central Bank to step up pace of stimulus program
The European Central Bank says it will step up its bond-buying stimulus in the coming months
8:42AM ( 19 hours ago )
Global shares advance as yields, inflation fears moderate
Stocks have climbed in Europe and Asia after a key measure of inflation in the U.S. came in lower than expected, easing worries that price pressures could push interest rates higher
3:51AM ( 1 day ago )
AP Business - Financial Markets
The Latest: California mulls post-lockdown, vaccinated life
California officials are contemplating what things will look like in the nation’s most populous state once millions of people are vaccinated and they move to phase out restrictions on gatherings and businesses that have altered life for a year
8:06PM ( 8 hours ago )
Still recovering, Japan marks 10 years since tsunami hit
Japan fell quiet at 2:46 p.m. to mark the minute that an earthquake began 10 years ago, before setting off a tsunami and nuclear crisis that devastated the country’s northeast coast
7:17PM ( 9 hours ago )
The Latest: Biden: States must make adults vaccine eligible
President Joe Biden will use his first prime-time address to announce that he is directing states to make all American adults eligible for a coronavirus vaccine no later than May 1
6:58PM ( 9 hours ago )
AP Business - Industries
GM partner LG to invest $4.5 billion in US battery operation
LG Energy Solution says it will invest more than $4.5 billion in its U.S. battery production business by 2025 as automakers ramp up production of electric vehicles
2:23PM ( 14 hours ago )
EXPLAINER: How dangerous is the Fukushima nuke plant today?
The Fukushima Daiichi nuclear power plant still looks like a bombed-out factory a decade after it was wrecked by a massive earthquake and tsunami
4:28AM ( 23 hours ago )
Still recovering, Japan marks 10th disaster anniversary
Japan has marked the 10th anniversary of the earthquake, tsunami and nuclear disaster that hit its northeastern region, where many survivors’ lives are still on hold
2:50AM ( 1 day ago )
AP Business - Utilities
Newspaper: China to soon try 2 Canadians on spying charges
A Communist Party newspaper says China will soon begin trials for two Canadians arrested in apparent retaliation for Canada's detention of a senior executive for Chinese communications giant Huawei Technologies
3:40AM ( 43 minutes ago )
UK GDP shrinks 2.9% amid COVID lockdown; Brexit cuts exports
The British economy shrank 2.9% in January as the nation was hit by a new round of coronavirus restrictions and Brexit slashed exports to the European Union
3:33AM ( 50 minutes ago )
Myanmar court extends detention of Associated Press reporter
A court in Myanmar has held a hearing for an Associated Press journalist detained while covering demonstrations against the military's seizure of power last month
3:09AM ( 1 hour ago )
Minor leagues experimenting with robo umps, larger bases
Major League Baseball will experiment with several rule changes in the minor leagues this season, including an automated strike zone, restrictions on defensive positioning and larger bases
2:58AM ( 1 hour ago )
Merkel's party faces tough election-year test in state polls
Two German states choose new legislatures on Sunday, the first major political test of a year in which a national election will determine who succeeds Chancellor Angela Merkel
2:41AM ( 1 hour ago )