ASX set to jump on Fed pledge to keep rates low, support US economy

published 29.07.2020 21:19

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Loading Of the SP 500 firms that have reported results, 79.1 per cent have surpassed a low bar of quarterly profit expectations, according to Refinitiv IBES data.

Starbucks climbed 4 per cent after the coffee chain said business was "steadily recovering" worldwide and it would report a profit in the current quarter.

Advanced Micro Devices shares were up 12.6 per cent after the chipmaker raised its full-year revenue forecast and the Philadelphia chip index rose 2 per cent.

In late trade, the Dow Jones Industrial Average is up 0.4 per cent, the SP 500 has gained 1 per cent, and the Nasdaq Composite has added 1.2 per cent.

The SP 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 73 new highs and 14 new lows.

by Sinead Carew from theage.com.au

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