NEW YORK, April 28 — Stocks rose across the globe yesterday as investors cheered news that more countries and US states were looking to ease lockdowns and the Bank of Japan expanded its stimulus program, while the price of oil continued to crumble as storage runs out. US energy stocks...
US energy stocks outperformed the overall market with a 2.1 per cent gain even as US crude prices fell more than 20 per cent. — Reuters pic
The US dollar slipped as risk-prone traders cheered lockdown news even as health experts warned that not enough coronavirus testing was in place in the United States. From Italy to New Zealand, governments announced the easing of restrictions, while Britain said it was too early to relax them there. New York state will not reopen for weeks, at the soonest.
The US state of Georgia began letting residents dine at restaurants and watch movies at theatres as more states, from Minnesota to Mississippi, took steps to ease coronavirus restrictions even though health experts warned it may be too early. Although trillions of dollars in stimulus have helped the S&P 500 recover nearly 30 per cent from its March lows, some analysts say more gains may be capped as the economic damage grows, unless there is progress on treatments for the disease.
“The market is very concerned about a repeat of negative pricing as the Cushing storage and delivery hub saturates,” Harry Tchilinguirian, global oil strategist at BNP Paribas in London, told the Reuters Global Oil Forum.
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