London (AFP) – Wall Street stocks pushed higher at the start of trading on Monday as traders weighed the impact of the failed assassination attempt on Donald Trump.
The blue-chip Dow set a new intra-day record high and broader S&P 500 index neared its all-time high as well when investors got their first chance to trade following the weekend shooting attack that left Trump with only superficial injuries.
“There is a bid in the equity futures market following the assassination attempt on former President Trump at a campaign rally in Butler, PA,” Briefing.com analyst Patrick O’Hare said, referring to indications of a positive opening in a note to clients ahead of the start of trading.
“That isn’t the only factor driving the equity futures market, but it is a prominent factor rooted in speculation that the failed attempt has boosted Mr. Trump’s re-election chances,” he added.
While the odds of Trump beating President Joe Biden had been rising in recent weeks, they got an extra lift from the shooting. Observers said a Trump victory could see lower corporate taxes — a boost for companies’ bottom lines. A strong performance by Goldman Sachs also boosted sentiment.
The bank beat analyst expectations by more than doubling profit to $2.9 billion. Its shares climbed 1.9 percent.
European stocks were lower in afternoon trading, with the luxury sector a drag. Burberry stock tumbled 17.6 percent after it announced the immediate departure of chief executive Jonathan Akeroyd as it posted “disappointing” results with the sector pressured by weak Chinese demand. Another heavy blow came as Swatch posted plunging profits owing to the luxury market crisis in China and warning that sales in the key market were likely to remain difficult this year, sending its shares down more than nine percent. In Paris, Gucci owner Kering saw its stock drop 5.1 percent and LVMH shed 2.6 percent in value on the back of concerns for the wider luxury sector.
Eyes were also on a key meeting of China’s top leadership in Beijing, with hopes for measures to boost the world’s number two economy, which grew less than expected in the second quarter according to official data Monday.
– Key figures around 1330 GMT –
New York – Dow: UP 0.6 percent at 40,255.49 points
New York – S&P 500: UP 0.4 percent at 5,638.41
New York – Nasdaq Composite: UP 0.5 percent at 18,487.28
London – FTSE 100: DOWN 0.7 percent at 8,198.82
Paris – CAC 40: DOWN 1.0 percent at 7,645.87
Frankfurt – DAX: DOWN 0.7 percent at 18,625.05
EURO STOXX 50: DOWN 0.8 percent at 5,003.79
Hong Kong – Hang Seng Index: DOWN 1.5 percent at 18,015.94 (close)
Shanghai – Composite: UP 0.1 percent at 2,974.01 (close)
Tokyo – Nikkei 225: Closed for a holiday
Dollar/yen: UP at 157.94 yen from 157.88 yen on Friday
Euro/dollar: UP at $1.0916 from $1.0906
Pound/dollar: UP at $1.2990 from $1.2989
Euro/pound: UP at 84.04 pence from 83.97 pence
Brent North Sea Crude: UP less than 0.1 percent at $85.08 per barrel
West Texas Intermediate: UP less than 0.1 percent at $82.28 per barrel
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© 2024 AFP
