16.9 C
New York

Wall St. gains on Disney’s surprise profit, fiscal aid hopes By Reuters

Must read

Trump administration bans WeChat, TikTok from application outlets beginning on Sunday

“Today’s actions demonstrate after yet again that President Trump will do every thing in his ability to assurance our countrywide protection and protect People...

Masika Kalysha Speaks Out Right after Her Former Landlord Manufactured Reviews About Her Returning To The Assignments & Alleged That She Held His Household...

Lately David Weintraub was a visitor on Brandi Glanville’s podcast “Unfiltered,” exactly where he designed some allegations about former “Love & Hip Hop: Hollywood”...

New DNC Advertisements Hit Trump In Black Newspapers

The Democratic Countrywide Committee is launching a new promoting drive in opposition to President Donald Trump in five newspapers that...

Investment Firm Blockchain Capital Joins Libra Association

One of the oldest venture firms in crypto has joined the Libra Association and will provide expertise and guidance on the launch of its...

© Reuters. The spread of the coronavirus disease (COVID-19) in New York

By Medha Singh and Ambar Warrick

(Reuters) – Wall Street’s main indexes rose on Wednesday after Disney delivered a surprise quarterly profit, with sentiment aided by signs that a coronavirus fiscal relief package was imminent.

Walt Disney Co’s (N:) shares jumped 9.5%, among the biggest boosts to the S&P 500 and Dow, as revenue declines for its parks and media networks were not as bad as feared.

Payments processor Square Inc (N:) surged 8.7% after reporting a 64% rise in second-quarter revenue, as consumers increased online buying and used its peer-to-peer Cash App platform during the pandemic.

“The analysts were too pessimistic for the second quarter, and corporate America and consumers refused to stand down,” said Gerald Sparrow, chief investment officer of the Sparrow Growth Fund in St. Louis, Missouri.

Better-than-feared corporate results and a surge in shares of heavyweight technology companies have fueled a stimulus-driven rally in Wall Street’s main indexes, bringing the S&P 500 within 2% of its record high hit in February.

Meanwhile, U.S. services industry activity gained momentum in July, according to an ISM survey, as new orders jumped to a record high. However, hiring declined, supporting views that a recovery in the labor market was faltering.

Earlier in the day, a loose precursor to the monthly jobs report on Friday showed U.S. private employers hired far fewer workers than expected last month.

“The (ADP) number confirms what the Fed is saying, that there’s going to be fits and starts with this economy,” said Sparrow.

Concerns about signs the U.S. economic activity is stalling amid a surge in cases of the novel coronavirus in parts of the country has strengthened the case for more fiscal aid.

Congressional Democrats and White House officials were set to resume negotiations on coronavirus relief legislation on Wednesday, with administration officials aiming for an agreement by Friday.

Financials (), industrials () and materials (), that track economic growth, outperformed among the major S&P sectors. The energy index () strengthened as oil prices jumped nearly 3%.

At 12:52 p.m. ET, the Dow Jones Industrial Average () was up 309.55 points, or 1.15%, at 27,138.02, the S&P 500 () was up 18.13 points, or 0.55%, at 3,324.64. The Nasdaq Composite () was up 33.04 points, or 0.30%, at 10,974.21.

Teladoc Health Inc (N:) fell 15% after agreeing to buy chronic care provider Livongo Health Inc (O:) in a deal valuing the company at $18.5 billion, betting on a boom in online care and consultations spurred by the coronavirus crisis. Livongo shares also fell 7.7%.

Electric truckmaker Nikola Corp (O:) slumped 11.1% after it reported a bigger quarterly loss in its first results as a listed entity.

Advancing issues outnumbered decliners for a 2.21-to-1 ratio on the NYSE and a 1.62-to-1 ratio on the Nasdaq.

The S&P index recorded 43 new 52-week highs and no new low, while the Nasdaq recorded 192 new highs and eight new lows.

Source link

Some Exciting Offer For You

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

+ 30 = 31

Latest article

Trump administration bans WeChat, TikTok from application outlets beginning on Sunday

“Today’s actions demonstrate after yet again that President Trump will do every thing in his ability to assurance our countrywide protection and protect People...

Masika Kalysha Speaks Out Right after Her Former Landlord Manufactured Reviews About Her Returning To The Assignments & Alleged That She Held His Household...

Lately David Weintraub was a visitor on Brandi Glanville’s podcast “Unfiltered,” exactly where he designed some allegations about former “Love & Hip Hop: Hollywood”...

New DNC Advertisements Hit Trump In Black Newspapers

The Democratic Countrywide Committee is launching a new promoting drive in opposition to President Donald Trump in five newspapers that...

Investment Firm Blockchain Capital Joins Libra Association

One of the oldest venture firms in crypto has joined the Libra Association and will provide expertise and guidance on the launch of its...