Business

U.S. stocks make solid gains, euro drops to 4-month low

U.S. stocks make solid gains, euro drops to 4-month low

NEW YORK, New York – U.S. stock markets shrugged off global concerns about the spreading coronavirus, with the major indices all making solid gains.

Elsewhere in the world stocks sank, albeit for surprisingly China, where the main indices made minor gains.

“We know the coronavirus will affect results at least in first quarter,” Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia told the Reuters Thomson news agency. “But we’ll be back to growth as usual for the rest of the year.”

The Dow Jones index closed 174.31 points or 0.60% higher at 29,276.82.

The Standard and Poor’s 500 added 24.39 points or 0.73% to 3,352.10.

The Nasdaq Composite, did best of all, climbing 107.88 points or 1.13% to 9,628.39.

On foreign exchange markets the euro spiralled lower to barely trade above the 1.0900 level. At last call in New York on Monday the EU currency was fetching 1.0909, its lowest level in four months.

The British pound was unchanged at 1.2909. The Japanese yen was in a tight range, trading at 109.74. The Swiss was little changed at 0.9774.

The Canadian dollar fell to 1.3318. The Australian dollar dived to 0.6679, after earlier touching 0.6656, an eleven year low. The New Zealand dollar fell to 0.6386.

In Europe, the German Dax fell 0.15%. The Paris-based CAC 40 lost 0.23%.

London’s FTSE 100 was 0.27% lower.

On Asian markets, the Nikkei 225 in Japan closed 104.52 points or 0.44% lower at 23,723.46 on Monday.

The Australian All Ordinaries lost 13.40 points or 0.19% to 7,108.00.

In Hong Kong, the Hang Seng shed 162.93 points or 0.59% to 27,241.34.

China’s Shanghai Composite, going against the regional trend, rose 14.52 points or 0.51% to 2,890.48.

Published at Mon, 10 Feb 2020 21:09:46 +0000