Wall Street rising, the S&P 500 loop its best quarter since 1998 By Reuters

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© Reuters.

by Chuck Mikolajczak

NEW YORK (Reuters) – The flagship index of the New York stock Exchange, the Standard & Poor’s 500, was completed on Tuesday on an increase of 1.5%, and loop its best quarter since 22 years with the hopes of u.s. economic recovery after the sanitary crisis.

The S&P-500 rose 47,05 points to 3.100,29.

After a dramatic drop of 20% in the first three months of the year, shows an increase of over 19.95% on the whole of the second quarter, its best performance since the fourth quarter of 1998, in the boom of the technology stocks.

The index has gained his side a 0.85% or 217,08 points 25.812,88 and has advanced 184,6 points (+1,87%) to 10.058,76 points.

Supporting the trend, the index of confidence of the american consumer, calculated by the Conference Board continued its upswing in June at a faster pace than expected.

Investors, however, remain cautious in the face of many signs of a resurgence of cases of infection by the coronavirus in the United States.

The federal Reserve chairman, Jerome Powell, has thus reaffirmed on Tuesday that the evolution of the economic environment remained “highly uncertain”.

Dr. Anthony Fauci, the leading american expert in infectious diseases, has warned that there was no guarantee that the United States would have an effective vaccine against the Covid-19, and that the spread of the virus could worsen.

“What everyone sees is that if we can put an end to the spread of the virus, or slow down, the Fed has put literally so much money that when it revives, it will re-start at the arrow in the other direction,” said JJ Kinahan, a strategist at TD Ameritrade in Chicago.

The gains in the Dow Jones have been limited by a fall of 5.7% of the share Boeing (NYSE:), which, after having climbed from 14% the previous day, has suffered from the decision of Norwegian Air to cancel orders of a hundred devices and demand compensation.

(French version Jean-Stéphane Brosse)

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