Nasdaq Index and Gold extend their recent rally

Vrasidas Neofytou

Vrasidas Neofytou
Head of Investment Research

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Market Brief, Thursday, 9th of July, 2020

US stocks markets rose 1% on Wednesday on improved risk sentiment, while the Nasdaq index hit fresh record highs, supported from a rally in major technology shares such as Amazon and Apple, despite a jump in virus cases across the country.

The Chinese stock markets surged another 1% on Thursday morning, hitting 5-year highs, extending the strong performance so far this week, supported from massive fiscal and monetary stimulus.

Crude oil prices rose 1% on Wednesday on signs of a recovery in gasoline consumption in the United States as fuel demand climbed to the highest level since March, coupled with an increase in refinery utilization.

Gold prices climbed at $1,810 per ounce on Thursday, hitting 9-year highs, due to the weakness in the US dollar and the record spike in COVID-19 cases around the world.

The Chinese yuan rose to 4-month highs against the US dollar, breaking below the key resistance level of 7, gaining support from the recovered Chinese economy after the pandemic and the ongoing rally in the Chinese blue chips stocks.

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