Wall Street gained ground again on Wednesday, with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming Jackson Hole Symposium for assurances that Federal Reserve’s timeline for policy tightening remains intact.
Asian shares stepped back on Thursday after a sharp rebound this week, though a solid Wall Street performance overnight contained losses in the region as rising vaccinations offset some of the worries over persistently high COVID-19 cases worldwide.
Gold was down on Wednesday morning in Asia as the dollar ticked upwards and investors look to the U.S. Federal Reserve’s guidance on asset tapering and interest rate hikes.
The dollar was up on Wednesday morning in Asia, trading near a one-week low. Investors are turning away from the safe-haven asset as COVID-19 concerns that clouded the economic recovery outlook eased.
Oil prices fell on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico’s production and signs that China, the world’s biggest importer, has curbed a recent coronavirus outbreak.
The S&P 500 and Nasdaq closed at record highs Tuesday, supported by an climb in energy and consumer discretionary amid easing worries about a slowdown in the global recovery.