*Very Good Morning!!!*
*US Markets in Detail...*
Sensex: 39,074: +230: +0.59%
Nifty: 11,550: +77: +0.67%
Dow: 28,332: +83: +0.30%
S&P: 3,479: +35: +1.02%
Nas: 11,665: +199: +1.73%
Brazil: 100,627 (-1,490) (-1.46%)
Ftse: 6,046: +9: +0.14%
Dax: 13,190: +129: +0.98%
Cac: 5,048: +40: +0.80%
WTI Oil: $43.41: +0.14%
Brnt: $45.79 (-0.15%)
Gold: $1963: +39: +2.05%
Silver: $27.8: +5.18%
Copper: $299.4: +1.37%
Eur-$: 1.1833
GBP-$: 1.3209
$-Jpy: 105.98
Re: 74.30 (-0.03%)
US10yr: 0.69%
GIND10YR: 6.203: +0.75%
$ Index: 92.8910 (-0.14%)
Vix: 23.27: +5.63%
BalticDry: 1,518: +27: +1.81%
*ADR/GDR*
Cogni: +1.21%
Infy: +0.55%
Wit ()
IciciBk (-1.40%)
HdfcBk (-0.74%)
DrRdy (-0.07%)
TataMot: +11.30%
Vedanta: +0.29%
TatSt: +0.36%
Axis: +2.77%
SBI: +1.08%
RIGD: +2.47%
INDA: +0.65% (IShares MSCI INDIA ETF)
INDY: +0.46% (IShares MSCI INDIA 50 ETF)
EPI: +1.02% (Wisdom Tree India Earning)
*S&P 500 and Nasdaq end at fresh records as Amazon, Netflix and Tesla stocks soar: Salesforce.com Inc. shares surged 26% after results top forecasts, helping to amplify fervor for tech companies. The dollar weakened and gold appreciated.*
*Stocks ended sharply higher Wednesday, powered by shares of technology and e-commerce shares, amid news of progress on coronavirus vaccine trials and expectations for the Federal Reserve to signal it will keep monetary policy easy in a speech by Chairman Jerome Powell on Thursday.*
The S&P 500 scored its 18th record close of the year (its fourth straight record closing high) and the Nasdaq marked its 39th all-time closing high of 2020 compared with a total of 31 reached in all of 2019. Meanwhile, the Dow closed within 1% of going positive for the year after the coronavirus-induced turbulence in March. The blue-chip benchmark also stands 4.1% from its Feb. 12 record closing high at 29,551.41. Wednesday’s gains put the S&P 500 up more than 58% since hitting an intraday low on March 23. The Nasdaq has soared by 75% in that time period.
But “if you cut through it all, this rally has really been about five or six stocks. It seems to create a bit of a smokescreen as far as what’s really happening below the surface.
Technology-related names surged Wednesday, powered primarily by Tesla Inc., Amazon.com and Netflix, extending a stratospheric run-up for large-cap tech and online-based companies.
There’s this confidence that regardless of what happens with COVID, these companies have proven that they’re open for business.
*In U.S. economic data, orders for durable goods rose 11.2% in July indicating factories will help support the economic rebound in coming months, again helped by a 22% surge in automobile demand. Economists surveyed by MarketWatch were looking for a 4.8% rise after a 7.6% jump in June.*
Shares of Salesforce.com Inc. surged nearly 26%, also helping to underpin appetite for the tech names after the cloud-based customer-relationship-management company announced quarterly results late Tuesday that topped forecasts as its revenues hit $5 billion for the first time. The company also was benefiting from Monday’s announcement by S&P Dow Jones Indices that it would be among a trio of companies to be included in the Dow, effective Monday.
*The rally for equities comes ahead of a potentially market-moving speech from Powell, who will deliver a webcast address to the annual Jackson Hole gathering of central banks Thursday morning. He’s expected to outline changes to the Fed’s policy framework that would allow inflation to run hotter than in the past, ending the Fed practice of hiking interest rates at the first whiff of rising price pressures.*
*However, it is too soon to know what additional steps the Federal Reserve can take to help the economy continue to recover from the sudden lock down in March and April, said Kansas City Fed President Esther George on Wednesday.*
*Investors may also be looking for clues to the potential for additional action by the Fed in terms of monetary stimulus, particularly if the Whit
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