Dow surges more than 400 points as tech’s best day since April sparks a market-wide rally; European stocks close higher, rebounding after tech-led sell-off; BELEX15 down 0.2%; Start of construction of highway from Nis to Durres Port announced for March 2021
Stocks ripped higher on Wednesday as tech shares posted their best day in about four months, clawing back some of the steep losses that knocked the S&P 500 and Nasdaq Composite back below their record highs. The Dow Jones Industrial Average closed 439.58 points higher, or 1.6%, at 27,940.47. The S&P 500 jumped 2% to 3,398.96 and the Nasdaq Composite advanced 2.7% to 11,141.56. It was the S&P 500′s best day since June 5, when it popped 2.6%. The Nasdaq had its biggest one-day gain since April 29, when it surged 3.6%.
European stocks closed higher Wednesday as investors looked to shrug off a technology-led rout earlier in the week that put pressure on financial markets around the world. The pan-European Stoxx 600 closed up by 1.6%, with the tech and telecoms sectors both jumping over 2%. Travel and leisure shares bucked the trend, falling over 0.8% as coronavirus containment measures return.
Oil markets remain in focus for investors too after crude prices plunged overnight, hitting lows not seen since June, amid renewed demand concerns due to rising coronavirus infection rates across the U.S. and Europe.
AstraZeneca initially fell Wednesday following a plunge in extended trading Tuesday, after the company said a late-stage trial of its Covid-19 vaccine candidate had been put on hold due to safety concerns. However, shares turned positive later in the day, closing about 0.5% higher.
BELEX15 extends gradual decline as yesterday it lost 0.2%. Energoprojekt was down over 9%, while NIS lost 0.34% as oil prices plunged. The most active name was Energoprojekt with RSD 5.6m in volume.
Serbian Prime Minister, Ana Brnabic, announced that the start of Nis-Durres highway construction is expected in March 2021, whereas the tendering procedure for the first highway section, Nis-Plocnik is to be open soon.
Source: CNBC, Ilirika