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U.S. Stocks Open Higher, Pointing to Fourth Day of Gains

By Caitlin Ostroff 

哪里玩赛车微信群 U.S. stocks started Wednesday with gains as investors weighed signs of the economy recovering against a rise in coronavirus infections in the U.S. and China.

The S&P 500 rose 0.3%, the continuation of an upward trend during a week of volatile trading. The Dow Jones Industrial Average advanced 40 points, or 0.2%, while the tech-heavy Nasdaq Composite Index moved up 0.5%. The pan-continental Stoxx Europe 600 added 0.9%.

哪里玩赛车微信群 Shares in cruise companies fell in off-hours trading after Norwegian Cruise Line Holdings said Tuesday night it will suspend the majority of its voyages through at least Sept. 30. Its shares fell 10.2%, while shares of Carnival declined 5.9% and Royal Caribbean Cruises slipped 5.3%.

The Federal Reserve's moves to backstop credit markets, combined with better-than-expected economic indicators such as a rebound in monthly retail sales, have buoyed investors' risk appetite this week. Fresh data Wednesday showed new home construction rose 4.3% in May after having declined a seasonally adjusted 26% in April from a month earlier.

"There continues to be evidence of a durable bottom in economic activity. The worst is over in my mind," said Patrick Spencer, managing director of U.S. investment firm Baird. "I think a V-shaped recovery is under way."

哪里玩赛车微信群 Other investors are taking a more cautious approach as they track rising infections in some U.S. states, and what appears to be another outbreak in Beijing. Global coronavirus infections have surpassed 8 million, with Texas, Arizona and North Carolina reporting record daily coronavirus-related hospitalizations on Tuesday.

"Certainly the next phase is not going to be as straightforward or as easy as the leg we've just had" with the stock market's rally, said Derek Halpenny, head of research for global markets in the European region for MUFG Bank. "Now the equity market is going to be a bit more unpredictable."

哪里玩赛车微信群 Fed Chairman Jerome Powell will continue to testify before Congress on monetary policy on Wednesday, and is scheduled to speak before the House Financial Services Committee at 12 p.m. On Tuesday, he told the Senate Banking Committee that a full economic recovery is unlikely "until the public is confident that the disease is contained."

The yield on the 10-year Treasury on Wednesday fell to 0.745%, from 0.754% Tuesday. Yields fall when prices rise.

In Asia, most major equity benchmarks drifted higher by the close of trading, though some markets were turbulent as investors assessed growing geopolitical risks in the region. North Korea blew up an inter-Korean liaison office after South Korea's market close Tuesday, marking Pyongyang's resumption of a provocative stance while denuclearization talks with Washington remain gridlocked. Chinese and Indian troops also clashed along their disputed border, causing 20 Indian soldier deaths and Chinese troop casualties.

哪里玩赛车微信群 Hong Kong's Hang Seng Index ended the day up 0.6%, while the benchmark indexes in South Korea and China ticked up 0.1%. India's Sensex edged down 0.3%.

哪里玩赛车微信群 Japan's Nikkei 225 fell 0.6% after trade data showed exports fell 28% year-over-year in May, the biggest decline since 2009.

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com

 

(END) Dow Jones Newswires

June 17, 2020 09:46 ET (13:46 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.