Wall St. edges up as Trump signs virus relief orders

People walk by the New York Stock Exchange. Wall Street is drifting in early trading on Monday, Aug. 10, after President Donald Trump announced several stopgap moves to aid the economy. (AP)
Short Url
Updated 11 August 2020

Wall St. edges up as Trump signs virus relief orders

  • Seven of the 11 major S&P sectors traded higher, with energy leading gains

NEW YORK: Wall Street indexes opened a touch higher on Monday after President Donald Trump signed executive orders over the weekend to support the country’s economy through the coronavirus crisis until more concrete stimulus could be passed.

The S&P 500 traded about a percent below a record high, while the Nasdaq hovered below a lifetime high after a series of new peaks last week.

Trump’s orders, that partly restored enhanced unemployment benefits, came after talks between the White House and top Democrats in Congress about fresh stimulus broke down.

US Treasury Secretary Steven Mnuchin, in an interview to CNBC on Monday, said the Trump administration and Congress could reach an agreement as soon as this week if Democrats are “reasonable.”

Tensions between Washington and Beijing were also at play, after Trump signed executive orders last week banning major Chinese technology firms in 45 days’ time while announcing sanctions on 11 Chinese and Hong Kong officials.

Still, optimism over a better-than-expected earnings season and hopes of more stimulus saw the S&P 500 extend gains into a seventh straight session, while the Nasdaq scaled a record high every day of last week.

After a strong tech-led rally over the past few months, “to me it’s about the US stimulus as a catalyst for markets at this point,” said Tim Chubb, chief investment officer at Girard in West Chester, Pennsylvania.

“I wouldn’t we surprised if the markets were to close off a little bit here and we start to see some unwinding in the favorites.”

Seven of the 11 major S&P sectors traded higher, with energy leading gains. Health care, real estate and utilities underperformed.

Among individual movers, Eastman Kodak Co. plunged 37.5 percent after its $765-million loan agreement with the US government to produce pharmaceutical ingredients was put on hold due to “recent allegations of wrongdoing.” Trading in its shares was halted briefly due to volatility.

The No. 1 US mall owner Simon Property Group rose 4 percent after a report that it has been in talks with Amazon.com Inc. about turning some of its department-store sites into Amazon fulfillment centers.

Berkshire Hathaway Inc. shares edged higher as its second-quarter net income surged 87 percent.

Advancing issues outnumbered decliners by a 2.91-to-1 ratio on the NYSE and by a 1.74-to-1 ratio on the Nasdaq.

The S&P index recorded 18 new 52-week highs and no new low, while the Nasdaq recorded 51 new highs and two new lows.


Apple to launch first online store in India next week

Updated 18 September 2020

Apple to launch first online store in India next week

  • The company at present uses third-party online and offline retailers to sell its products in the country
  • India has become a key focus of tech giants over the last few years

NEW DELHI: Apple announced Friday that it will launch its first online store in India next week, as it seeks to increase sales in one of the world’s fastest-growing smartphone markets.
The company at present uses third-party online and offline retailers to sell its products in the country.
Apple CEO Tim Cook said in a tweet that the company “can’t wait to connect with our customers and expand support in India.”
The Sept. 23 launch comes ahead of India’s major Hindu festival season beginning next month.
With a nearly 1.4 billion people, including millions of new Internet users every month, India has become a key focus of tech giants over the last few years.
In August, three contract manufacturers for Apple iPhones and South Korea’s Samsung applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government.
Apple assembles some smartphones at Foxconn and Wistron’s plants in two southern Indian states.