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U.S. Stocks Show Strong Move To The Upside

wallstreet oct24 27may20 lt

Following the advance seen in the previous session, stocks saw further upside during the trading day on Wednesday.

With the upward move on the day, the Nasdaq reached its best closing level in over three months, while the Dow and the S&P 500 ended the session at their best closing levels since early March.

The Dow surged up 553.16 points or 2.2 percent to 25,548.27, the Nasdaq climbed 72.14 points or 0.8 percent to 9,412.36 and the S&P 500 jumped 44.36 points or 1.5 percent to 3,036.13.

The strength on Wall Street came as traders continued to express optimism about a quick economic recovery as the country reopens following the coronavirus lockdown.

Financial stocks helped to lead the way higher on the day, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index spiking by 6.7 percent and 5.1 percent, respectively.

Substantial strength was also visible among housing stocks, as reflected by the 5.1 percent jump by the Philadelphia Housing Sector Index.

Steel, oil service, tobacco and telecom stocks also saw considerable strength, moving higher along with most of the other major sectors.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index advanced by 0.7 percent, while China's Shanghai Composite Index fell by 0.3 percent.

Meanwhile, the major European markets all showed strong moves to the upside on the day. While the French CAC 40 Index surged up by 1.8 percent, the German DAX Index and the U.K.'s FTSE 100 Index both jumped by 1.3 percent.

In the bond market, treasuries moved higher over the course of the session after seeing initial weakness. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 1.8 basis points to 0.680 percent.

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