LONDON: Stock markets rose on both sides of the Atlantic on Monday as hopeful economic data prompted bargain hunting, with some of Asia’s equities markets also making solid gains.

Analysts did not seem entirely confident about the reasons for the rebound as investors appeared to shrug off a wide gap between the White House and Democrats about the next round of relief spending, worsening coronavirus numbers in many parts of the world and festering US-China tension.

On Wall Street, the Dow extended opening gains to trade about 250 points higher in the late New York morning as big tech posted gains, with both Microsoft and Apple stock more than three percent up.

Key European indices were up by around two percent or more at the close after manufacturing sector surveys in the region pointed to a return to growth.

Published in Dawn, August 4th, 2020