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Markets rally as US government’s stimulus efforts pay off

by LLB Editor
28th Jul 20 9:20 am

Stocks pushed ahead on Tuesday amid progress with new US government stimulus efforts, including a 0.7% rise in the FTSE 100 to 6,149. Hong Kong’s Hang Seng jumped by the same amount, while Madrid’s IBEX 35 reversed yesterday’s decline with a 0.6% advance,” says Russ Mould, investment director at AJ Bell.

“The gold price briefly hit $1,980 per ounce before easing back to $1,936. Brent Crude oil traded 0.5% higher at $43.66 per barrel.

“On the UK stock market, energy and tech stocks led the way, following by a good showing from consumer cyclicals and utilities. After recently rallying amid strong precious metal prices, miner Fresnillo was the biggest FTSE 100 faller after publishing half-year results.

“Shares in grocery sellers including Marks & Spencer, Morrisons and Ocado shrugged off news that Amazon Prime customers will be eligible for free grocery deliveries in London and the South East from today.”

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