Dow Jones gains as investors cheer declining jobless claims

A statue of George Washington looks over the New York Stock Exchange on Wall Street in New York City on June 26

Why Wall Street Is Powering Forward Despite a Surge in Coronavirus Cases

S&P 500 e-minis were up 37.75 points, or 1.21 percent and Nasdaq 100 e-minis were up 122 points, or 1.18 percent.

Stocks closed higher Wednesday, as more gains for big tech companies helped make up for weakness elsewhere across Wall Street.

"It's been a tug of war between investors that believe the data is getting incrementally and sequentially better, and investors concerned about the increase in case discoveries of COVID-19 and what that will be mean to the reopening plans of the economy", said Art Hogan, chief market strategist at National Securities.

The S&P 500 was virtually flat after flipping between small gains and losses in the first 30 minutes of trading.

Stocks have climbed steadily since the outset the coronavirus pandemic and economic collapse it caused, recovering even as COVID-19 cases surge and threaten to deepen the recession driven by the health crisis.

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Since last week's close, the S&P 500 gained 1.3%, the Dow improved 0.9% and NASDAQ strengthened 2.8%. Treasury prices and yields move in opposite directions. The NASDAQ spiked by 1.44 per cent, to trade at new record highs, while The IT sector was responsible for 13 points of the S&P500's advance'.

Major companies are due to report quarterly results next week. In China, individual traders have supported the market's recent rise.

Expectations for the upcoming earnings season are dismal.

Boston Federal Reserve Bank President Eric Rosengren said on Wednesday that this could cause the USA economy to recover more slowly than expected and demand for the Federal Reserve's Main Street lending program, which aims to support small and mid-sized businesses, could grow over time. As of writing, IXIC was up 0.45% on the day at 10,540.

In Asian stock markets, Japan's Nikkei 225 slipped 0.8%, Hong Kong's Hang Seng added 0.6% and South Korea's Kospi slipped 0.2%. The biggest action was in Shanghai, where stocks jumped another 1.7%.

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In Europe, the German DAX lost 1%, and France's CAC 40 dropped 1.2%.

Gold added 0.6% to $1,820.90 per ounce.

The tech-heavy Nasdaq, on the other hand, claimed another record level, boosted by shares of Microsoft Corp and Apple Inc while the Dow Industrials dropped 0.7% weighed down by Goldman Sachs and Boeing Co. Brent crude, the global price benchmark, shed 7 cents to $43.22 per barrel in London.

"The market has rallied in anticipation of progress being made on the economy and today is a step back from that".

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