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U.S. Stocks Rise Amid Earnings; Crude Oil Rallies: Markets Wrap
(Bloomberg) -- U.S. stocks halted a two-day slide as investors digested the latest round of corporate earnings and optimism about the eventual reopening of the economy increased. Oil rose from record lows.The S&P 500 Index rebounded from the worst sell-off in three weeks amid quarterly results that sparked speculation a recovery will be sooner than expected. Chipotle Mexican Grill rose on sales that topped estimates, while Texas Instruments advanced on solid results. Treasury Secretary Steven Mnuchin said he anticipates most of the economy will restart by the end of August. House lawmakers on Thursday are set to pass another round of aid.“What I think markets are picking up on is there is light at the end of the tunnel and there’s visibility on what a reopening will look like,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. “This gives visibility to the next couple of phases and when the clouds can clear.”The oil market continued to hold investor attention, with Brent crude slumping to a two-decade low before rebounding. American crude surged above $13 a barrel after President Donald Trump ordered the Navy to destroy any Iranian gun boats that harass American ships at sea. Still, the main U.S. oil ETF announced a reverse share split that failed to buoy its flagging price.Investors are continuing efforts to assess the pandemic’s damage to the global economy, with the oil market chaos suggesting it will be deeper or longer than anticipated by those who drove the S&P 500 up 28% from its March lows. Governments are devising ways to return people to work even as they discover infections are more extensive than they insisted only weeks ago.The Stoxx Europe 600 Index increased broadly in the wake of Tuesday’s slump. Treasuries fell along with the dollar and European bonds. Euro-area policy makers plan to hold a call later Wednesday where they may discuss whether to accept junk-rated debt as collateral from lenders, officials familiar with the matter said.European consumer-goods companies from brewers to paint-makers sounded notes of caution on spending. Heineken NV canceled its interim dividend, while Kering said it doesn’t see a recovery in the U.S. or Europe before at least June or July after sales at its flagship brand Gucci tumbled.“There’s no way you can predict earnings right now,” Michael Cuggino, portfolio manager at Pacific Heights Asset Management LLC, said on Bloomberg TV. “It’s virtually impossible until we have more visibility with respect to how to world comes out of the coronavirus on the other side.”Roche Holding AG increased for a fifth day, after the drugmaker said it still sees a small profit gain this year as demand for its medicines holds up while it works on developing Covid-19 tests.Elsewhere, stocks slipped in Japan but climbed in other major Asian markets. Gold rebounded to $1,700 an ounce.These are the main moves in markets:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-decline-oil-collapse-212830575.html?.tsrc=rss
(Bloomberg) -- U.S. stocks halted a two-day slide as investors digested the latest round of corporate earnings and optimism about the eventual reopening of the economy increased. Oil rose from record lows.The S&P 500 Index rebounded from the worst sell-off in three weeks amid quarterly results that sparked speculation a recovery will be sooner than expected. Chipotle Mexican Grill rose on sales that topped estimates, while Texas Instruments advanced on solid results. Treasury Secretary Steven Mnuchin said he anticipates most of the economy will restart by the end of August. House lawmakers on Thursday are set to pass another round of aid.“What I think markets are picking up on is there is light at the end of the tunnel and there’s visibility on what a reopening will look like,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. “This gives visibility to the next couple of phases and when the clouds can clear.”The oil market continued to hold investor attention, with Brent crude slumping to a two-decade low before rebounding. American crude surged above $13 a barrel after President Donald Trump ordered the Navy to destroy any Iranian gun boats that harass American ships at sea. Still, the main U.S. oil ETF announced a reverse share split that failed to buoy its flagging price.Investors are continuing efforts to assess the pandemic’s damage to the global economy, with the oil market chaos suggesting it will be deeper or longer than anticipated by those who drove the S&P 500 up 28% from its March lows. Governments are devising ways to return people to work even as they discover infections are more extensive than they insisted only weeks ago.The Stoxx Europe 600 Index increased broadly in the wake of Tuesday’s slump. Treasuries fell along with the dollar and European bonds. Euro-area policy makers plan to hold a call later Wednesday where they may discuss whether to accept junk-rated debt as collateral from lenders, officials familiar with the matter said.European consumer-goods companies from brewers to paint-makers sounded notes of caution on spending. Heineken NV canceled its interim dividend, while Kering said it doesn’t see a recovery in the U.S. or Europe before at least June or July after sales at its flagship brand Gucci tumbled.“There’s no way you can predict earnings right now,” Michael Cuggino, portfolio manager at Pacific Heights Asset Management LLC, said on Bloomberg TV. “It’s virtually impossible until we have more visibility with respect to how to world comes out of the coronavirus on the other side.”Roche Holding AG increased for a fifth day, after the drugmaker said it still sees a small profit gain this year as demand for its medicines holds up while it works on developing Covid-19 tests.Elsewhere, stocks slipped in Japan but climbed in other major Asian markets. Gold rebounded to $1,700 an ounce.These are the main moves in markets:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-decline-oil-collapse-212830575.html?.tsrc=rss
