How major USA stock indexes fared Thursday

Daniel Fowler
May 29, 2020

The S&P 500 opened higher by 23.88 points, or 0.80 percent, at 3,015.65, and the Nasdaq Composite gained 5.90 points, or 0.06 percent, to 9,346.12 at the opening bell. The pan-continental Stoxx Europe 600 rose 1.6%, while Japan's Nikkei 225 jumped 2.3%.

On Wednesday, Federal Reserve Bank of St. Louis President James Bullard said the USA economy may already have bottomed.

European stock markets mostly rose, while Asian markets were mixed.

But analysts have warned that worsening ties between Washington and Beijing over the handling of the coronavirus outbreak and a new national security law in Hong Kong pose a major threat to the stock market's strong recovery from the crash earlier this year.

Germany's DAX gained 0.7% to 11,740.63 and the CAC 40 in Paris climbed 0.8% to 4,722.51. New data showed USA gross domestic product fell at a 5% rate in the first quarter, slightly steeper than initially estimated and the largest quarterly rate of decline since the last recession.

(MENAFN - Baystreet.ca) Futures contracts tied to the major USA market indexes edged higher early Thursday as investors looked to add to Wall Street's robust gains so far this week. On Wednesday, U.S. Secretary of State Mike Pompeo said Hong Kong was no longer autonomous, jeopardizing its special trade status. On the other hand, the defensive Utilities Index is up almost 2%.

Jeff Blashill to return as Red Wings coach for 2020-21 season
The Red Wings' four-year postseason drought is their longest since a five-year run without a shot to win the Cup from 1979-83. The NHL abandoned the rest of the regular season on Tuesday because of the coronavirus pandemic.

Of the 11 primary S&P 500 sectors, both energy and communication services shed about 0.7 percent in morning trading, leading the laggards.

Stock Index ETFs followed moves in the benchmark stock indexes, with the SPDR S&P 500 ETF Trust (SPY), the SPDR Dow Jones Industrial Average ETF (DIA), and the Invesco QQQ Trust (QQQ), all sinking into the close. Financial, industrial, department store chains and health care stocks accounted for a big slice of the gains.

Stocks gave up gains in late trading to finish slightly lower after Pres. Trump said he would hold a news conference on China tomorrow, with traders fearing he will announce sanctions. After tumbling in March, stocks have gained momentum on hopes the economy has bottomed out from the coronavirus shutdowns and will begin to rebound. Bond yields move in the opposite direction from prices.

A barrel of US crude oil for delivery in July rose 90 cents to settle at $33.71.

Crude oil futures edged up 0.24% at $32.89 per barrel, Brent crude inched up 0.25% at $35.54.

The yield on 10-year U.S. Treasury bonds rose to 0.703%, from 0.677% on Wednesday, as investors sold government bonds.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER