S&P 500 rises to new record, surpassing high reached before coronavirus hit; European markets close lower as U.S.-China tensions weigh; Pandora down 7.5%; BELEX15 up 0.38%; NBS adopts new set of measures to support construction
The S&P 500 rose to an all-time high on Tuesday, capping off its recovery from the coronavirus-induced sell-off that knocked it off its previous record. The broader market index climbed 0.3%, trading above a closing record of 3,386.15. It also traded above its Feb. 19 intraday record of 3,393.52 earlier in the day. At its session high, the S&P 500 traded at 3,395.06. The S&P 500′s move into record territory came after the index flirted with its all-time closing high for more than a week. Amazon shares outperformed, rising more than 3%. Netflix and Alphabet both gained at least 1.3%. Consumer discretionary was the best-performing sector in the S&P 500, rising 1%.
Home Depot said sales last quarter jumped 23% as consumers stuck in their homes increased do-it-yourself projects. Earnings and sales exceeded Wall Street expectations. Walmart’s earnings and revenue also topped Wall Street estimates last quarter as same-store sales increased by 9.3%. E-commerce sales nearly doubled.
European stocks closed lower Tuesday as a choppy start to the week’s trading continued, with investors monitoring the coronavirus pandemic and rising tensions between the U.S. and China. The pan-European Stoxx 600 gave up its earlier gains and fell 0.6% for the session, with bank stocks falling 1.1% and oil and gas firms slipping 1.3%.
In earnings news, Pandora shares fell 7.5% to the bottom of the Stoxx 600 after the Danish jeweler published full-year guidance showing a more substantial earnings drop than expected.
BELEX15 was up 0.38% as Belgrade Airport advanced 1.9%. The most active name was Komercijana Banka, with RSD 7.7m in volume, while Metalac was also active with RSD 4.4m traded. Form the corporate side, we may mention announcement from Jedinstvo Sevojno, which says its consolidated report will be published on Friday, 21st August.
At its extraordinary meeting held on 17 August, the NBS Executive Board adopted the Decision on Temporary Measures for Banks to Facilitate Access to Financing for Natural Persons, the bank announced. The Decision prescribes three sets of temporary measures that should facilitate access to housing loans for citizens, and thus provide support to the real sector, more specifically the construction industry, through faster turnover of assets, the possibility of extension of housing loan repayment periods for maximum five years and temporary relaxation of the approval procedure for household short-term dinar loans up to a certain amount.
Source: CNBC, Ilirika