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  3. US markets end higher amid optimism about stimulus

US markets end higher amid optimism about stimulus

28 Jul 2020 Evaluate

The US markets settled higher on Monday on optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation. Mnuchin said the GOP intends to introduce the $1 trillion bill after delaying the planned rollout last week. Despite the vast gap in the price tags of the Republican plan and a $3 trillion bill passed by the Democrat-controlled House, Mnuchin said he expects lawmakers can move very quickly to address the differences. Meanwhile, the Federal Reserve will conclude its two-day policy meeting on Wednesday. Investors generally don’t expect the central bank to make any major announcements, but are looking for Chairman Jerome Powell to maintain a dovish tone. However, US-China tensions simmered, as the US closed its consulate in the western Chinese city of Chengdu at Beijing’s demand, in retaliation for Washington ordering the closure of China’s Houston consulate.

On the economic data front, following the substantial rebound in new orders for U.S. manufactured durable goods reported for the previous month, the Commerce Department released a report showing durable goods orders continued to move sharply higher in the month of June. The Commerce Department said durable goods orders surged up by 7.3 percent in June after skyrocketing by a downwardly revised 15.1 percent in May. The continued increase comes following the nosedive seen in March and April. Street had expected durable goods orders to leap by 7.2 percent compared to the 15.7 percent jump that had been reported for the previous month. Orders for transportation equipment helped to lead the way higher once again, spiking by 20.0 percent in June after soaring by 78.9 percent in May.

Dow Jones Industrial Average rose 114.88 points 0.43 percent to 26,584.77, Nasdaq surged 173.09 points or 1.67 percent 10,536.27 and S&P 500 was up by 23.78 points or 0.74 percent to 3,239.41.

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