US markets end higher on hopes of COVID treatments

03 Sep 2020 Evaluate

The US markets ended higher on Wednesday, extending the upward move seen in the previous session, as investors drew hope from progress in the development of tests and vaccines for COVID-19.  The Nasdaq and S&P 500 once again set new record highs, while the Dow reached its best levels in over six months and is closing in on the record high set in February. Traders continued to express optimism about the economy recovering from the coronavirus-induced slowdown. Meanwhile, the Federal Reserve's Beige Book noted economic activity in the US has increased over the past several weeks, but the gains were described as generally modest. The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, also noted economic activity remains well below levels prior to the COVID-19 pandemic.

On the economic data front, a report from payroll processor ADP showing much weaker than expected private sector job growth in the month of August. ADP said private sector employment increased by 428,000 jobs in August after rising by an upwardly revised 212,000 jobs in July. Street had expected employment to jump by 950,000 jobs compared to the addition of 167,000 jobs originally reported for the previous month.

Dow Jones Industrial Average rose 454.84 points or 1.59 percent to 29,100.5, Nasdaq gained 116.78 points or 0.98 percent 12,056.44 and S&P 500 was up by 54.19 points or 1.54 percent to 3,580.84.

Sir Shadi Lal Enter Share Price

341.00 3.25 (0.96%)
28-Mar-2024 16:01 View Price Chart
Peers
Company Name CMP
Shree Renuka Sugar 39.72
Bajaj Hindusthan Sug 29.03
Triveni Engg. & Inds 310.60
Balrampur Chini Mill 360.00
Dalmia Bharat Sugar 339.05
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.