Yesterday was marked by mixed market behaviour. For much of the day there was a great deal of risk aversion as US Federal Reserve (Fed) Chairman Jerome Powell said that Congress and the White House may have to invest more to ensure that the initial rapid response to the economic downturn continues and that there are signs that the recovery will take longer than initially anticipated.
In particular, the Dow Jones index rose by 1.62% while the S&P500 index grew by 1.15% and the Nasdaq index rose by 0.91%. Stoxx 600 - European benchmark index - fell by 2.17%.
With regards to the debt market, yields rose again in Europe with the exception of Germany.
In the foreign exchange market, the Dollar appreciated for much of the day, eventually reversing in the face of the change in the indexes' trajectory.
United States crude (WTI) rose by 3.24% to $ 26.11 a barrel. Saudi Arabia's largest state-owned oil company, Saudi Aramco, announced that it would reduce its contractual oil supply to at least 12 customers in Asia.
Gold, on the other hand, once again pointed upwards respecting the greater predominance of risk aversion felt during part of the day.
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