Reliance Trading Co. Limited – Stocks finish higher as Market close late Thursday

As unemployment surges rapidly because of the covid19 pandemic require people to stay at home and most businesses are forced to suspend bringing the total number of first-time unemployment benefits initial claims to around 22 million since mid-March.

Despite of the negative news regarding employment, US stocks closed higher late Thursday breaking days of weak points. The S&P 500 climbed 0.6% 4 p.m. of New York time, while, the Dow Industrial Average finished up by 0.1% to 33 points. The Nasdaq Composite appreciates by 1.7%, so with the Stoxx Europe 600 Index which rose by 0.6%.

But not like the first three major stocks mentioned earlier, the MSCI Asia Pacific Index decreased by 0.8%.

Bonds did not go better on today’s market. The yield on 10-year Treasuries dipped two basis points to 0.61%, while the yield on the 30-year Treasury bond also fell to 1.23% and the yield on the two-year Treasury bond declined by 0.2%.

On the commodities sector, oil market prices went up a bit. West Texas Intermediate crude closed its price at $19.97 per barrel while Brent crude rose up by 0.47% to $27.82 per barrel. The OPEC+ intervention on the output cut for production cost together with the two countries Russia and Saudi Arabia might be easing a bit of the problem on their economy. However, the oversupply of oils may also hurt the struggling economy on the next days.

The most precious metal Gold strengthens more by 0.22% to $1,720.40 per ounce, while Silver rose up by 1.02% to $15.56 per ounce.

Currencies going up with U.S. Dollar Index (DXY) gained .02% to $99.9, but the Euro dipped 0.7% to $1.0835 so with Japanese yen that fell 0.3% to 107.80 per dollar.

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