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US equity markets on Wall Street rose nearly two percent Wednesday night, after US Treasury Secretary Steven Mnuchin stated that he believes authorities should make a proper attempt to establish a new scheme. support for victims of the crown.
“I say we will give it a serious new try to do this,” Mnuchin said at a news conference Wednesday, according to CNBC.
– I think there is a reasonable compromise.
However, after a 90-minute meeting between Mnuchin and House Speaker Nancy Pelosi, the parties have yet to come to an agreement Wednesday night. He did not like the markets, which fell immediately after the announcement.
Closing courses
The rise was slowed for the indices after the announcement that the parties did not reach a deal, where the S&P 500 fell from a rise of 1.5% to 0.2%. However, in the last half hour before the close, the indices rallied somewhat.
Wall Street closes Wednesday night:
- The broad S&P 500 index closes 0.8 percent higher.
- Dow Jones, of great industrial activity, closed with an increase of 1.2%.
- The Nasdaq Composite technology index closed with an increase of 0.7 percent.
It was the stocks that were hit the hardest by the crown crisis, including aircraft, bank and cruise ship stocks, that rose the most in Mnuchin’s remarks earlier in the night.
Macro numbers at the top
Additionally, markets were hit by a number of macro figures, of which the US housing figures and the US quarterly gross domestic product figures.
“Pending home sales” in the United States ended at 8.8 percent per month in August 2020.
A 3.4 percent monthly increase was expected up front, according to Direkt Makro, TDN Direkt writes on Wednesday.
Pending home sales are home sales where contracts have been signed, but where the sale has not been finalized, and are considered a leading indicator of used home turnover.
Additionally, United States GDP figures for the second quarter emerged, where gross domestic product was reported to have fallen at an annual rate of 31.4 percent.
According to TDN Direkt, the US GDP figure has never fallen so fast before. The previous record is from the second quarter of 1958 when the rate was 10 percent.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
