Dow moves up 400 points

Analisi Giornaliera - 05/02/2020

Tesla drove Nasdaq to all-time top

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On Tuesday US stocks surged, establishing substantial profits since the previous trading session while the market regroups from a sharp sell-off that was started due to fears over the coronavirus outbreak. Nasdaq Composite improved more than 2% registering a record top of 9,467.96. The Nasdaq seems to have completely recovered from the coronavirus associated concerns. The Dow Jones Industrial Average ended 407.80 points higher, at 28,807.63 while the S&P 500 advanced 1.5% to end at 3,297.58. In the meantime, the electric automaker Tesla supported the Nasdaq with a surge of more than 13% that boosted the stock above $900 reaching the highest level registered.

OPEC pressing oil output


On Wednesday, oil advanced recovering from a 1% drop in the previous trading session, supported by producers considering additional production reductions in an attempt to defend a possible pressure toward global oil requests emerging from China’s coronavirus outbreak. US West Texas Intermediate (WTI) crude futures rose 42 cents to $50.00 a barrel. Brent crude oil futures advanced 44 cents, to $54.39 a barrel. The OPEC and its partners that includes Russia, considered the impact on global oil request, and economic progress in light of the coronavirus outbreak at a gathering yesterday. Producers are considering additional output cuts and are preparing for a policy meeting in February instead of March.

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Greenback still strong vs Yen


The popular greenback preserved its profits versus the Japanese yen today due to a widespread unwinding of safe-haven positions owing to China’s answers to the coronavirus outbreak. That fact encouraged investor trust, even as deaths and new cases soared. The yen last exchanged just over a 12-day low at 109.42 per dollar.

Outside Asia, the GBP bounced from a six-week low following better-than-expected building activity numbers, while the euro held against the greenback at $1.1040.

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Gold seen higher due to virus fears


On Wednesday Gold went up following a sharp decline in the previous trading session, while a virus spread from China and the casualties reached close to 500 boosted the demand of the popular metal. However, risk desire was buoyed by china's attempts to decrease its economic impact from the virus. Spot gold advanced 0.2% to $1,555.40 per ounce. Gold decreased over 1.5% yesterday to its weakest level since last month at $1,548.69. U.S. gold futures rose 0.2% to $1,558.39.

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