Forexlive Americas FX news wrap: Stocks close the quarter with multi year percentage gains
Forex news for NY trading on June 30, 2020.
- US stocks end the quarter with a bang
- WTI crude oil futures settle at $39.27
- California cases rise 2.9% vs 2.8% 7 day average
- Houston ICU wards at 97% of capacity
- Mnuchin: Working with House and Senate on additional financial relief by end of July
- Fauci: In reality only 50% of the US shut down
- European shares end the session with mixed results
- Arizona coronavirus cases rise record record 4682 but there's a caveat
- Fed's Williams: There are indications that recovery slowing in states with outbreaks
- Florida coronavirus cases rise 4.2% vs 7-day average of 5.6%
- Gold hits $1780 for the first time in seven years
- BOE's Cunliffe says that on negative rates we should not draw dogmatic lines
- OPEC and Russia will like ease cuts in August - report
- Chatter: Texas hospitalizations from coronavirus decline 20%
- US June Conference Board consumer confidence 98.1 vs 91.4 expected
- OPEC output falls 1.92 mbpd in June to lowest since at least 2000 - Reuters survey
- US April 20-city Case-Shiller house price index +3.98% vs +3.8% y/y expected
- Canada April GDP -11.6% vs -12.2% m/m expected
- The USD is the strongest and the EUR is the weakest as NA traders enter for the day
The expectations was that quarter end rebalancing was going to lead to selling stocks and buying bonds. Early selling last week saw the S&P index move from 3154 down to a low of 2999 early yesterday. However, since then, buying took over and forced the index to a high today of 3111.51. That rise was capped with a solid gain of 1.54% in the S&P today.
The Nasdaq did even better with a 1.87% on the day.
For the quarter, the major indices all had multi year high percentage gains.
- The Dow rose by 17.77% which was the largest gain since 1987
- The S&P rose by 19.95% which was the largest gain since 1998
- The Nasdaq rose by a whooping 30.63% which was good enough for the largest rise since 2001.