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  3. US markets settle higher on improving economic data

US markets settle higher on improving economic data

24 Jun 2020 Evaluate

The US markets settled higher on Tuesday, extending the upward move seen over the course of the previous session, with the Nasdaq Composite booking another record close, helped by improving economic data and optimism on Wall Street about the ability of the US to respond to rising COVID-19 cases. Some support also came in as Treasury Secretary Steven Mnuchin said he anticipates a new round of coronavirus stimulus to pass Congress in July, while stressing that he also expects China will hold up its end of the Phase 1 trade agreement with Washington. Besides, Apple posted an all-time record close, as investors responded to announcements from the tech giant’s Worldwide Developers Conference. However, Dr. Anthony Fauci, the nation’s top infectious disease expert, warned that the next couple of weeks are going to be critical in terms of the addressing a disturbing surge in COVID-19 cases across the United States. He also reiterated a cautious optimism about the prospects for the development of a vaccine by year’s end or early 2021.

On the economic data front, new home sales in the US showed a substantial increase in the month of May, according to a report released by the Commerce Department. The report said new home sales spiked by 16.6 percent to an annual rate of 676,000 in May from a significantly downwardly revised rate of 580,000 in April. Street had expected new home sales to jump 2.7 percent to an annual rate of 640,000 from the 623,000 originally reported for the previous month. The downwardly revised data for April indicates new home sales plunged by 5.2 percent during the month compared to the previously reported 0.6 percent uptick. New home sales in the Northeast skyrocketed by 45.5 percent to a rate of 32,000, home sales in the West soared by 29.0 percent to a rate of 169,000 and home sales in the South surged up by 15.2 percent to a rate of 402,000.

Dow Jones Industrial Average rose 131.14 points or 0.5 percent to 26,156.1, Nasdaq gained 74.89 points or 0.74 percent 10,131.37 and S&P 500 was up by 13.43 points or 0.43 percent to 3,131.29.

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