Nasdaq snaps four-session losing streak

Economies.com
2020-09-22 22:00PM UTC

The major US stock indices rose on Tuesday, to recovery from their recent huge losses, which occurred due mounted coronavirus concerns.

 

Federal Reserve Chairman Jerome Powell said in a hearing before the US House that the Congress should spare the Fed the difficulty of pumping funding to small firms to help ease the coronavirus impact.

 

Data showed that the US existing homes sales index rose in August by 2.4% to 6 million y/y, the fastest monthly jump in 14 months.

 

Chicago Fed President Charles Evans said that not providing fiscal support by the Congress poses a great risk to the US economy and businesses.

 

To the oil market, WTI October futures at Nymex fell 0.7% to close at $39.60  a barrel, after hitting a high of $40.02 and a low of $39.

 

Brent November futures dropped 0.7% to $41.72 a barrel, with a high of $42.2 and a low of $41.2.     

 

As for stocks, Dow Jones rose 0.5% or 140 points to close at 27,288, after it hit a day high 27,333 and a low 26,989.

 

Nasdaq rose 1.7% or 185 points to 10,963, after it hit a high 10,979 and a low 10,737.

 

S&P 500 rose 1% or 34 points to 3,315, after it hit a high 3,320 and a low 3,270.

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