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NASDAQ closes at a new record.

 Major indices close higher

The NASDAQ index close at a another record high. The previous high close came in at 11,210.84. The index close today at 11,264.95. The S&P index traded above its all-time high closing price but could not sustain the gains into the close.
The final numbers are showing:
  • S&P index up 10.69 points or 0.32% at 3385.54. The high price reached 3390.80. The low price extended to 3354.69. The all-time high close was at 3389.78. The index closed just below that level. The all-time intraday high from Wednesday’s trade reach 3399.54.
  • The NASDAQ index closed up 118.49 points or 1.06% at 11264.95. The close was above the previous high close at 11,210.84. Intraday the pair also traded to a new all time high of 11,283.61.
  • the Dow industrial average lagged the other indices but still closed higher by 46.85 points or 0.17% at 27739.73. It’s high price extended to 27781.46 while the low reached 27526.25.

Late day comments from the CDC that the southern states may have reached a peak and the death rate should start to go down next week helped to push the stocks up near the close.

Apple closed with a market capitalization above $2 trillion for the 1st time. It closed at $473.10 up $10.27 or 2.22%. Microsoft rose by 2.33%. Facebook rose by 2.45% cotton Netflix rose by 2.75%, and Alphabet rose by 2.05%.
In the European markets, the major indices all closed over 1% lower on the day with the UK FTSE leading the way with a decline of -1.61%.

ECB, BOE, BOJ, SNB announce further change to Fed swap lines

The major central banks, in consultation with the Fed, jointly decide to reduce further the frequency of 7-day operations

The frequency of 7-day dollar operations will be reduced from three times per week to once per week, while the 84-day operations will still continue to be offered weekly. The changes will kick into effect from 1 September. This follows the change from June here.

The major central banks do reaffirm though that they stand ready to re-adjust the provision of dollar liquidity as they see fit based on market conditions.
Just be reminded that these swap lines have largely helped with calming the market down and alleviating funding stress and a liquidity crunch back in late March and early April.
But with market conditions a lot calmer at the moment, they are slowly being weaned off so just be mindful that the “insurance” in the market is slowly taken out.
That said, you can be rest assured that they will be quickly reinstated should we see a repeat of the March meltdown across multiple asset classes in the market.