Global Markets Treading Water in Midweek Trading

Voice of America
21 May 2020, 04:35 GMT+10

Investors expressed renewed optimism Wednesday as they moved past a disappointing report on the efficacy of a potential coronavirus vaccine being developed by Moderna.

Major U.S. market indexes posted gains at the closing bell Wednesday.

Dow Jones Industrial Average was up 1.52%, or 369 points, to close at 24,575.90. The Nasdaq did even better with 2.08%, or 190 points, up and closing at 9,375.90. S&P 500 gained more than 48 points, or 1.67%, ending the day at 2,971.61.

European markets also turned up Wednesday, reflecting mild optimism as the continent reopens for business and the pandemic is on a downward trajectory.

London's FTSE index was 1.08% higher and Frankfurt's DAX index was up 1.34%, while the CAC-40 in Paris closed 0.87% higher.

Most Asian markets ended their trading sessions higher Wednesday, although with smaller gains. The Nikkei finished almost 0.8% higher to lead the region, while Hong Kong was almost flat and Shanghai finished 0.5% lower.

Global markets had soared at the beginning of the week after U.S.-based biotechnology company Moderna announced that initial tests for a possible coronavirus vaccine produced favorable results from a small sample of people.

The markets floundered Tuesday when a report on the medical news site Stat said there was not enough data to assess the vaccine's potential effectiveness. The Dow Jones, S&P 500 and Nasdaq all finished Tuesday trading sessions with losses, as did most European markets.

The price of U.S. crude oil was slightly up with West Texas Intermediate (WTI) selling at $33.54 per barrel, up 0.7%, while Brent crude, the international benchmark, was almost $36 per barrel.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.

More Information

null in null

Business

Section

Engine defect prompts Nissan to recall over 443,000 vehicles

FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...

Microsoft trims jobs to manage soaring AI infrastructure costs

REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...

Stocks worldwide struggle to make ground Friday with Wall Street closed

LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...

Nvidia briefly tops Apple’s record in AI-fueled stock rally

SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...

ICE raids leave crops rotting in California, farmers fear collapse

SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...

Trump signals progress on India Trade, criticizes Japan stance

WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...

Engineering

Section

"Wanted to revive AJL, no rent enjoyed by Young Indian": Rahul Gandhi's counsel tells Delhi court in National Herald case

New Delhi [India], July 5 (ANI): Young Indian was created to revive Associated Journal Limited (AJL) and not to earn rent, Congress...