Redwood Capital Management Limited: Stocks closed higher hanging in hope for additional stimulus

SHEUNG WAN, Hong Kong - Oct. 10, 2020 - PRLog -- Major Indices rose in today's trading session finishing the week higher, marking their best weekly movement since two months ago. As investors cling on hope that an agreement will flourish for additional fiscal stimulus which is still being discussed at the house of congress.

Despite House Speaker Nancy Pelosis' statement that she will reject any standalone bill proposal to aid airline industry, most averages outperformed. S&P 500 rose less than 1% while both Dow and Nasdaq gained 0.43% and 0.50%, respectively.

Treasuries and Dollars both fail for two straight days. Crude on the other rallied and ended up higher, getting back some few points from yesterday's bout.

Meanwhile, here are the main movements in the Stock Market this Thursday;

Stocks

-        S&P 500 closed higher for the second time this week with 27.40 points or 0.80% higher to 3,446.85.

-        The Dow Jones Industrial Average is also up by 122.11 points or is 0.43% higher to 28,425.57, its highest yet in more than a month.

-        Nasdaq Composite increased around 53.38 points or 0.50% to 11,420.98, its biggest rebound in less than two months.

-        The Nasdaq 100 Index climbed about 0.4% to 11,550.94.

-        The Stoxx Europe 600 Index is up by 0.8% to 368.31, the highest yet in about three weeks.

Bonds

-        The benchmark on the 10-year Treasuries slid about two basis points to 0.76%.

-        The yield on 30-year Treasuries also fell around two basis points to 1.56%.

-        Germany's 10-year yield drop about three basis points to -0.52%

-        Britain's 10-year yield is down by one basis point to 0.289%.

Commodities

-        Gold has increased about 7.69 points or is 0.41% higher to $1,895.12 an ounce.

-        Silver rose a bit around 0.07 point or 0.28% to $23.87 an ounce.

-        West Texas Intermediate crude is up by 1.24 points or 3.10% to $41.19 per barrel.

-        Brent crude gained about 1.35 points or is 3.22% higher to $43.34 per barrel.

Currencies

-        US Dollar Currency Index fell about 0.04% to 93.57 per dollar.

-        The euro has no to little change at $1.176.

-        The Japanese yen move a bit at 106 per dollar.

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