Tech stocks makes stunning comeback as NASDAQ soars
It was only just over a week ago when the NASDAQ started to unwind from its record high of circa 6340 points to a low of approximately 6110 points last Thursday. However, a sizeable chunk of those losses were recovered in one session on Monday night as the index spiked 1.4% to close at 6239 points.
With tech stocks back in favour there were strong gains from Apple Inc., Facebook Inc. and Amazon.com Inc. The Dow also performed strongly, gaining 0.7% to close at 21,528 points, once again notching up an all-time record high.
The positive mood rubbed off on European markets with the FTSE 100 surging 0.8% to close at 7523 points, now trading broadly in line with pre-election levels after dipping below the 7400 point mark last Thursday.
Mainland European markets also performed strongly with the DAX surging nearly 140 points or more than 1% to close at an all-time record high of 12,888 points.
The Paris CAC 40 surged 0.9% as French President Emmanuel Macron’s party confirmed it controlled 350 of the 577 seats in the National Assembly, a true mandate to rule and one which should allow the country to prosper from decisive action and predictability, factors that were sharply eroded when UK Prime Minister, Theresa May took the country to the polls.
On the commodities front, oil touched on US$45 per barrel before losing momentum in the afternoon session, eventually closing at US$44.22 per barrel.
Gold was out of favour as it fell from approximately US$1254 per ounce to US$1245 per ounce.
Iron ore rallied nearly 2% to close at US$56.30 per tonne.
Base metals were back in favour with across-the-board gains amongst the key metals.
Copper led the way as it rallied more than 1% to close at US$2.58 per pound.
Nickel also regathered some of its lost ground, increasing from US$4.03 per pound to US$4.05 per pound.
Zinc notched up its fourth consecutive day of gains, increasing nearly 1% to US$1.15 per pound.
Lead followed suit with a gain of nearly 1%, closing just shy of US$0.96 per pound, a level it hasn’t traded at since mid-May.
The Australian dollar slipped slightly below the US$0.76 mark as the greenback strengthened in unison with equity markets.
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