USA close: Stocks finish higher as markets rally on economy reopening

Daniel Fowler
May 31, 2020

(MENAFN - 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.

In point of fact, Wednesday's rally in the Wall St. was nearly entirely galvanized by an unprecedented rally of the bank stocks, while the S&P 500's financial index.SPSY, which rose roughly 10 per cent over the past two days and marked up its biggest two-day increases since April 8th-9th, had led the charges.

The S&P 500 is down 239.01 points, or 7.4%.

At 11:19 a.m. ET, the Dow Jones Industrial Average was up 109.08 points, or 0.43 per cent, at 25,657.35, the S&P 500 was up 15.10 points, or 0.50 per cent, at 3,051.23. Nasdaq 100 e-minis were down 54.5 points, or 0.58%. The Dow is on track for its best week since the week ended April 8.

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

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Memory chipmaker Micron Technology Inc dropped 3 per cent, despite raising its revenue forecast for the third quarter. Bullion fell to a low of $1,701.60 a troy ounce Wednesday, the lowest in around two weeks.

At the open, the Dow has gained 256.07 points, following on from gains seen in the previous session as investors returned from the Memorial Day long weekend to news that pharmaceutical firm Novavax had begun trials on a Covid-19 vaccine in Australia.

China's National People's Congress approved a bill imposing a new national security law that will bypass Hong Kong's own legislature.

Overseas, in Tokyo, the Nikkei 225 gained 2.3%, Thursday, while in Hong Kong, the Hang Sang index retreated 0.7%. Elsewhere in commodities trading, Crude oil for delivery in July rose 2.53% or 0.83 to hit $33.64 a barrel, while the August Brent oil contract rose 0.31% or 0.11 to trade at $36.16 a barrel.

The return of risk appetite has had a negative impact on gold prices.

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