"Bank stocks powered the day's advance, with the S&P 500 financial index leading gains among major sectors. The index rose nearly 10% over the past two sessions for its biggest two-day increase since April 8-9,” Reuters reported.
In Malaysia today, TA Securities Holdings Bhd wrote in a note that the local market should, however slip back into profit-taking consolidation mode, given the overbought momentum after recent gains and elevated US-China geopolitical tensions clouding market tone.
"Immediate support for the index stays at last Friday's low of 1,435, followed by the rising 10-day moving average level at 1,418, then 1,400, and next the 30-day and 50-day moving average levels, respectively at 1,393 and 1,363. Overhead resistance will be from yesterday's high at 1,458, while next significant hurdle at 1,480,” TA said.
Across Bursa Malaysia at 9:25am today, 1.21 billion shares were traded for RM652.56 million. Top gainers included rubber glove manufacturers Supermax Corp Bhd and Top Glove Corp Bhd on expectation that the Covid-19 pandemic will lead to higher demand for rubber gloves.
Globally, it was reported that the novel coronavirus has killed more than 100,000 people in the US, according to a Reuters tally on Wednesday, even as the slowdown in deaths encouraged businesses to reopen and Americans to emerge from more than two months of lockdowns.
"About 1,400 Americans have died on average each day in May, down from a peak of 2,000 in April, according to the tally of state and county data on COVID-19 deaths,” Reuters reported.