World Shares March Higher Tuesday 08/11 05:46
Shares advanced in Europe and Asia on Tuesday after the S&P 500 climbed to
within striking distance of its all-time high set in February.
(AP) -- Shares advanced in Europe and Asia on Tuesday after the S&P 500
climbed to within striking distance of its all-time high set in February.
Markets rose in Paris, London, Tokyo and Hong Kong even as the tally of
confirmed new coronavirus cases worldwide topped 20 million, according to Johns
Sentiment got an extra boost from President Donald Trump's announcement that
he plans to cut taxes on capital gains and on middle income earners.
Germany's DAX jumped 2% to 12,942.82 while the CAC 40 in Paris also gained
2%, to 5,008.60. Britain's FTSE 100 surged 1.8% to 6,161.97. The future
contract for the S&P 500 climbed 0.5% to 3,368.60 while that for the Dow
industrials rose 0.7% to 27,875.00.
Investors are looking to Washington for a fresh lifeline for the U.S.
economy, which pancaked into recession as the pandemic gained ground in the
On top of the rising number of coronavirus counts around the world,
uncertainty has grown with widening antagonisms between the United States and
China, the world's largest economies. The latest move in their escalating
tensions was China's announcement of unspecified sanctions against 11 U.S.
politicians and heads of organizations promoting democratic causes, including
Senators Marco Rubio and Ted Cruz.
The two sides are scheduled to hold virtual trade talks at the end of the
Overnight, the S&P 500 rose 0.3%, to 3,360.47, after wavering between small
gains and losses. The benchmark index is now within 1% of its last record high.
A flood of government spending and monetary stimulus, with central banks
buying assets to keep credit cheap, have kept markets rising since March.
"With the Fed buying credit and indirectly saving U.S. stocks, traders
should not expect any major corrections even if the selling of tech stocks
persists deeper into the trading week," Edward Moya of Oanda said in a
The Hang Seng in Hong Kong added 2.1% to 24,890.68, while the Nikkei 225
climbed 1.9% to 22,750.24. In South Korea, the Kospi picked up 1.4% to
2,418.67. Sydney's S&P/ASX 200 advanced 0.5% to 6,138.70, while the Shanghai
Composite index gave up earlier gains, dropping 1.2% to 3,340.29.
India's Sensex gained 0.8% to 38,495.84.
The yield on the 10-year Treasury rose to 0.59% from 0.58%.
Benchmark U.S. crude oil for September delivery gained 38 cents to $42.32
per barrel in electronic trading on the New York Mercantile Exchange. It rose
72 cents on Monday to settle at $41.94 a barrel. Brent crude oil for October
delivery picked up 30 cents to $45.29 per barrel. It rose 59 cents to $44.99 a
The price of gold fell $44.00 to $1,995.70 per ounce.