Most Asian stock markets rose Thursday after
Stock markets have risen on optimism about a possible global recovery from the coronavirus pandemic as more economies reopen despite rising case numbers in
“The not too bad news keeps coming, enabling the hopes for economic rebound alongside the reopening,” said
The Shanghai Composite Index shed 0.1% to 2,920.33. The Hang Seng in
The Kospi in
The Dow Jones Industrial Average gained 2% to 26,269.89. The Nasdaq composite rose 0.8% to 9.682.91.
A survey from payroll processor ADP said that private employers cut nearly 2.8 million jobs last month, but that was much milder than the 9.3 million that economists told investors to expect. That raises optimism that Friday’s more comprehensive jobs report from the
Other reports showed the
One report said services industries contracted by less than economists expected, and at a more modest rate than in April. Another report said factory orders dropped 13% in April, but not by as much as the 14.8% that economists had forecast.
Companies that would most benefit from a growing economy led the market Wednesday, continuing a recent trend as hopes rise that the economy and life in general can become closer to normal as business-shutdown orders lift.
Stocks have been climbing since late March, at first on relief after the
Widespread protests around the country following the killing of
Many professional investors have been warning that the stock market’s rally may have been too much, too soon. The recovery for the economy is likely to be much slower than the sharp rebound the stock market has just undertaken, which could be setting investors up for disappointment.
In energy markets, benchmark
The dollar gained to