Thu, 23 Sep 2021

Strong economic data propels U.S. stocks to new highs

Lola Evans
30 Jul 2021, 06:08 GMT+10

NEW YORK, New York - The U.S. economy is back at its pre-pandemic level, but for how long? U.S. investors believe it's back permanently, as stocks took off on Thursday.

The Commerce Department reported GDP rose at a 6.5% annualized pace in the second quarter, however, this was well below analysts' forecasts for 8.40 percent.

Nonetheless Wall Street rallied, with the Standard and Poor's 500 and Dow Jones industrials hitting new record highs.

At the close, the Dow Jones industrials were ahead 153.40 points or 0.44 percent at 35,084.33.

The Nasdaq Composite jumped 15.68 points or 0.11 percent to 14,778.26.

The Standard and Poor's 500 added 18.49 points or 0.42 percent to 4,419.13.

The U.S. dollar conversely was sold off sharply, and across the board. The euro zoomed up to 1.1891 approaching the New York close Thursday. The British pound strengthened to 1.3968. The Japanese yen spiked to 109.42. The Swiss franc rose to 0.9057.

The Canadian dollar was stronger at 1.2448. The Australian dollar was in demand at 0.7399. The New Zealand dollar cruised up to 0.7011.

Overseas equity markets all traded well in the black. In London, the FTSE 100 gained 0.88 percent. The German Dax rose 0.47 percent. The Paris-based CAC 40 ended up 0.19 percent.

On Asian markets, the benchmark Hang Seng index in Hong Kong soared 808.56 points or 3.17 percent to 26,282.44.

China's Shanghai Composite advanced 50.70 points or 1.49 percent to 3,411.72.

In Japan, the Nikkei 225 rose 57.80 points or 0.87 percent to 6,667.11.

The Australian All Ordinaries climbed 45.60 points or 0.60 percent to 7,695.20.

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