THURSDAY, March 28, 2024
nationthailand

Stocks mixed, Treasuries s drop amid reopenings

Stocks mixed, Treasuries s drop amid reopenings

U.S. stocks were mixed as traders assessed the latest moves around the globe to relax restrictions amid the coronavirus pandemic.

The S&P 500 was little changed, the Dow Jones industrial average fell while the Nasdaq 100 rose for a sixth day -- its longest winning streak this year. The dollar climbed, while Treasuries s dropped. Oil erased gains driven by Saudi Arabia's plan to deepen output cuts.

Earlier Monday, the S&P 500 rose as New York Gov. Andrew Cuomo, D, said businesses including construction, curbside retail, drive-in movies and some recreational activities will reopen this week on a regional basis. The state reported 161 additional deaths, the lowest since late March. Still, Mayor Bill de Blasio, D, said the lockdown in New York City is likely to continue into June.

"As investors are emboldened by some states loosening the reins, stocks could continue their march higher," said Paul Nolte, a portfolio manager at Kingsview Investment Management in Chicago. "How stocks act over the coming weeks will likely determine whether the summer smolders or is just a hot mess."

More than 33 million Americans have lost their jobs in the seven weeks since wide swaths of the U.S. economy shuttered to stem the outbreak. President Donald Trump is trying to convince Americans it's safe to return to work, with the nation having more than 1.3 million cases of Covid-19. With infections slowing in some European countries, more governments moved to tentatively relax limits.

These are the main moves in markets:

Stocks

- The S&P 500 was little changed at 4 p.m. in New York.

- The Stoxx Europe 600 Index fell 0.4%.

- The MSCI Asia Pacific Index climbed 0.6%.

Currencies

- The Bloomberg Dollar Spot Index gained 0.5%.

- The euro dipped 0.2% to $1.0812.

- The Japanese yen depreciated 0.9% to 107.65 per dollar.

Bonds

- The yield on 10-year Treasurys increased two basis points to 0.71%.

- Germany's 10-year yield gained three basis points to -0.51%.

- Britain's 10-year yield gained three basis points to 0.269%.

Commodities

- The Bloomberg Commodity Index decreased 0.9%.

- West Texas Intermediate crude dipped 0.2% to $24.70 a barrel.

- Gold declined 0.8% to $1,701 an ounce.

 

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