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Stock Markets See Modest Gains As Virus Cases Spike

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Key Points

  • Global stock markets saw modest gains Thursday following losses the previous session, with investors spooked by a sharp rise in coronavirus cases and continued uncertainty over a pre-election stimulus package in Washington.
  • New York’s Dow gained 0.5 percent, oil was firmer as was the dollar, while the pound slipped after gaining on hopes that on-off-on-again post-Brexit trade talks might finally make some progress.
  • The pound gave up some of the strong gains won Wednesday against the dollar and euro on hopes of a post-Brexit trade deal between Britain and the European Union.
  • Visit The Financial Today’s homepage for more stories.

NEW YORK — Global stock markets saw modest gains Thursday following losses the previous session, with investors spooked by a sharp rise in coronavirus cases and continued uncertainty over a pre-election stimulus package in Washington.

New York’s Dow gained 0.5 percent, oil was firmer as was the dollar, while the pound slipped after gaining on hopes that on-off-on-again post-Brexit trade talks might finally make some progress.

Better-than-expected new US jobless benefit claims and another jump in home sales were welcomed, but analysts said the underlying economic situation remained concerning and made the case for a fresh stimulus package from Washington all the more pressing.

“With fiscal relief package hopes dimming, this situation is worrisome,” Gregory Daco of Oxford Economics tweeted.

David Madden, analyst at CMC Markets UK, said that while investors expect some sort of a package, eventually, “there isn’t much hope that it will be achieved soon.”

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