July 9, 2020

Wall Street expands earnings with Dow runaway 9.4%



Wall Street expanded the gains this Tuesday, with all its indicators in green and the Dow Jones of Industrials, its main index, runaway with a rise of 9.48% and more than 1700 points while investors are optimistic about the possibilities that it will close an agreement between Democrats and Republicans in Washington to push the stimulus tax law to alleviate consequences of the COVID-19 crisis.

At 12:31 local time (16:31 GMT) on the New York Stock Exchange the Dow Jones shot up 9.48%% or 1762.61 integers, standing above 20,000 points, at 20,354.61 points specifically.

The selective S&P 500 was also advancing at a good pace with an increase of 8.43% 188.54 points, to 2,425.94 whole and the Nasdaq composite index, which brings together important technology companies, rose 7.28% or about 499 , 20 points, up to 7,359.88.

Among the top 30 listed companies in the Dow Jones, only Walmart (-0.88%) registered losses, while the biggest gains were for Chevron (18.83%), American Express (16.44%) and McDonalds (16.2%) .

The New York parquet thus lived a day of relief and profits thanks to the good prospects that an agreement between Democratic and Republican legislators will be produced today that will translate into a fiscal and economic stimulus law that helps companies and workers to overcome the economic crisis generated by COVID-19.

So far, the main discrepancies around the law between Democrats and Republicans is that the former, who have rejected the package in the Senate up to two times, believe that it focuses too much on rescuing big business and contains insufficient measures to the working class.

However, comments made today by the Speaker of the House of Representatives, Democrat Nancy Pelosi, who noted that there was “real optimism” of reaching the agreement in the next few hours, have been very well received on the New York Stock Exchange.

“There are still some minor differences, but no group believes that will get in the way of the final agreement,” said Senate Democratic Minority Leader Chuck Schumer.

At this time, all sectors were in positive territory, with energy (13.59%), raw materials (11.49%) and finance (11.24%) at the top of the table.

In the middle session, the yield on the 10-year Treasury bond stood at 0.888% and the ounce of gold, which in recent days has undergone a dramatic rise, at $ 1,656.40.

In other markets, the barrel of Texas oil was up a slight 0.3%, putting the barrel at $ 23.43.

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