The stimulus rises in US stocks, gold … and oil falls...

The stimulus rises in US stocks, gold … and oil falls...
The stimulus rises in US stocks, gold … and oil falls...
Wall Street closed higher in Thursday’s choppy session, as oil losses limited gains in European shares to lose momentum, while gold rose on the back of hopes of a US stimulus.

US stock indices rose in Thursday’s session, as investors found themselves amid positive and negative news regarding progress in stimulus talks in Washington, amid indications of ebbing momentum for the economic recovery from the recession caused by the pandemic, which is now entering its ninth month.

The Dow Jones Industrial Average rose 35.2 points, equivalent to 0.13%, to 27,816.9 points.

The index closed the Standard & Poor’s 500, up 17.8 points, or 0.53%, to 3,380.08 points.

The Nasdaq Composite Index increased 159 points, or 1.42%, to 11,326.51 points.

Oil limits gains in European stocks

European stocks gave up most of the gains they achieved at the start of Thursday’s session, to close slightly higher, as the decline in the shares of major oil companies and German pharmaceutical company Bayer limited the impact of a group of positive business results.

After rising by up to 0.9%, the European STOXX 600 index closed at an increase of 0.2%, as its progress receded against the backdrop of a 3% decline in oil prices in light of gloomy demand forecasts with the increase in Coronavirus cases.

Shares of Total, BP and Royal Dutch Shell fell between 2.4% and 3.8%, while the oil and gas index fell 1.7%, making the sector the largest loss.

German shares fell 0.2%, weighed by a 1.3% decline in Bayer after hinting that adjusted profits may fall next year, and that it may have to cut nearly 10 billion euros from the value of its agricultural assets.

On the other hand, H&M stock jumped 6.1% after it exceeded earnings expectations in the third quarter of the year and announced plans to close hundreds of stores next year, as the Corona virus pandemic increases the trend of shoppers to buy online.

The retail sales index rose 2.5%, to be in the forefront of the gainers.

Gold wins on stimulus hopes

Gold jumped by more than 1%, in Thursday’s trading, to consolidate above the $ 1900 barrier against the background of renewed hopes for an American stimulus that could contribute to alleviating the economic troubles caused by the Corona virus, and the decline of the dollar also supported the demand for the metal.

By 18:00 GMT, spot gold increased 1.2% to $ 1907.46 an ounce, after hitting its highest level since September 22 at $ 1911.66.

And US gold futures were settled, up 1.1%, at $ 1916.30 an ounce.

Investors’ attention is turning to talks between US House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin to reach agreement on the long-awaited Covid-19 bailout package.

The dollar fell to the bottom of more than a week against other currencies, which reduces the cost of gold for investors who hold other currencies.

Meanwhile, activity in the US manufacturing sector unexpectedly slowed in September after a decline in new purchase orders.

While the number of Americans filing new applications for unemployment benefits decreased last week, but it remained in recessionary levels, which increased support for the demand for safe-haven gold.

As for the other precious metals, silver increased 3% to $ 23.92 an ounce.

Platinum rose 1.1% to 897.71 dollars an ounce, while palladium gained 1%, reaching 2317.62 dollars an ounce.

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