WASHINGTON, Aug 17 ― Investors managed to shrug off new concerns about China's economy, the coronavirus Delta variant and turmoil in Afghanistan to largely drive stocks higher while also boosting some more defensive investments. Wall Street rebounded after early losses yesterday to see two of its...
WASHINGTON, Aug 17 ― Investors managed to shrug off new concerns about China's economy, the coronavirus Delta variant and turmoil in Afghanistan to largely drive stocks higher while also boosting some more defensive investments.
“I would have expected much more downside given a difficult weekend of geopolitical headlines in the Middle East and since the good news of earnings season is now behind us,” said David Bahnsen, chief investment officer for The Bahnsen Group. “The 'there is no alternative' trade is very resilient right now, which is benefiting US stocks, as there simply aren't attractive alternatives for stock investors outside of the US.
The dollar ticked up against a basket of six major currencies, rising 0.1 per cent to 92.623 after dropping to a one-week low on Friday. Muted investor appetite kicked off the week after figures on July retail sales, industrial production and urban investment in China all missed forecasts, a trend that is only likely to get worse given the recent tightening in coronavirus restrictions there.
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