* Silver jumps back after massive tumbling
* Graph: Asset Performance 2020 tmsnrt.rs/2yaDPgn
* Graph: World FX Rates in 2020 tmsnrt.rs/2egbfVh (through all time, updated prices, market activity and comments)
By Rodrigo Campos
NEW YORK, Aug 12 (Reuters) – Global stocks rose on Wednesday and were ready to close at their highest since February as investors continued to bet on more stimulus in the United States despite doubts while gold was whipsawed and silver clad back from a massive fall.
The euro strengthened against the greenback and the dollar index returned some recent gains, barely changing this mid to this week after seven consecutive weekly declines.
Technology stocks recently regained leadership back on Wall Street and the S&P 500 benchmark broke again at record highs, even though U.S. Treasury Secretary Steven Mnuchin said the White House and top Democrats in Congress may not be able to reach a deal on coronavirus aid.
Both American parties are dealing jabs over who was to blame for blocking relief for tens of millions of unemployed Americans.
The Dow Jones Industrial Average rose 345.3 points, or 1.25%, to 28,032.21, the S&P 500 gained 53.89 points, or 1.62%, to 3,387.58 and the Nasdaq Composite added 246.97 points, or 2.29%, to 11,029.79.
The S&P was within less than 10 points of its intraday record high of 3,393.52. The index slipped on Tuesday after seven straight days of profit.
“We see that buyers appear very quickly, every opportunity they get when the market declines. For me, that is a very Bullish sign, ”said Adam Sarhan, CEO of 50 Park Investments in New York.
The pan-European STOXX 600 index rose 1.11% and MSCI’s gauge of shares around the world gained 1.33%.
Shares of emerging markets rose 0.28%. MSCI’s broadest index of shares in Asia-Pacific outside Japan closed 0.35% higher, while Japanese Nikkei futures rose 2.38%.
GOOD AS GOLD
The 10-year U.S. Treasury recently fell 5/32 in price to yield 0.6731%, up from 0.665% late on Tuesday, after relatively strong demand began a record supply of benchmark notes through the Treasury.
Oil prices rose after government data showed that U.S. oil inventories fell across the board, boosting hopes of increased fuel demand in the world’s largest economy.
American raw rose recently rose 2.62% to $ 42.70 per barrel and Brent was at $ 45.45, up 2.13% on the day.
The dollar index fell 0.287%, with the euro up 0.4% to $ 1.1786.
The Japanese yen weakened 0.36% against the greenback to 106.85 per dollar, while Sterling last traded at $ 1.3027, down 0.16% on the day.
Gold swung from 2.5% down to 0.8% added to $ 1,925.63 an ounce, a day after it received its biggest daily fall in seven years. Silver rose as much as 6% on Tuesday after a 15% plunge, the largest in more than a decade.
Bullion gained 28% this year as investors bought it as a hedge against currency fears as central banks flooded economies with free money in response to the global coronavirus crisis.
Report by Rodrigo Campos; Additional Reporting by Karen Brettell and Jessica Resnick-Ault in New York and Medha Singh and Ambar Warrick in Bengaluru; Edited by Bernadette Baum and David Gregorio
.
