U.S. Stocks rally as dip buying intensifies after rout: Markets Wrap

By: |
Updated: September 26, 2020 9:00 AM

Investors have once again turned back to the companies flush with cash and tested in times of crisis.

US Stocks, S&P 500, Russell 2000 Index, small caps, all-time highs, Nasdaq 100Both the S&P 500 and the Russell 2000 Index of small caps rallied to all-time highs.

Bloomberg: Stocks climbed as dip buyers appeared after the market slide and traders awaited developments on U.S. stimulus talks.

After the close of regular trading, House Speaker Nancy Pelosi’s spokesman said that she talked with Treasury Secretary Steven Mnuchin Friday regarding a relief package, and they agreed to continue their conversation. Tech companies led gains in the S&P 500, while real-estate, industrial and consumer-discretionary shares rose at least 1.4%. Boeing surged on a news report the top U.S. aviation regulator plans to test-fly the grounded 737 Max on Wednesday. Carnival and Royal Caribbean Cruises rallied after being upgraded at Barclays, which said the “worst is in the past” for cruise companies. The dollar advanced.

The benchmark gauge of American equities still posted its fourth straight weekly drop — the longest losing streak since August 2019. Amid mounting signs that the pace of recovery will ebb with an uptick in global coronavirus cases and lack of further government aid, investors have once again turned back to the companies flush with cash and tested in times of crisis.

“If I were to be unsure about a stimulus package, unsure about whether there will be a vaccine, there’s no better thing than to hide out in the megacap tech stocks because they work in an economy-closed scenario,” Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management.

These are some of the main moves in markets:


The S&P 500 increased 1.6% at 4 p.m. New York time.
The Stoxx Europe 600 Index fell 0.1%.
The MSCI Asia Pacific Index climbed 0.4%.


The Bloomberg Dollar Spot Index increased 0.3%.
The euro dipped 0.4% to $1.1625.
The Japanese yen depreciated 0.2% to 105.61 per dollar.


The yield on 10-year Treasuries decreased one basis point to 0.65%.
Britain’s 10-year yield fell three basis points to 0.189%.
Germany’s 10-year yield decreased three basis points to -0.53%.


West Texas Intermediate crude dipped 0.5% to $40.12 a barrel.
Gold depreciated 0.3% to $1,862.66 an ounce.
Silver weakened 1% to $22.91 per ounce.

Looking to invest in US Stocks? Open a free account with Stockal - India's first borderless investment platform.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Is the correlation between Indian and US stock market low – Find out
2Money making ideas in US stock market! Here’s how to diversify portfolio in international stocks
3Robinhood IPO: HOOD lists on Nasdaq 100 – Check stock price here