US100 soars on FAAG results

7:31 AM July 31, 2020

Thursday was very turbulent on financial markets with the US dollar tumbling and the majority of equity indices diving on COVID concerns and Trump’s comments regarding election date. However, all this changed in the evening after Facebook, Apple, Amazon and Alphabet (Google) presented their quarterly results. In a quarter when the US economy contracted 9.5% y/y all these tech stocks were able to increase their results substantially in y/y terms. This has completely reversed sentiment on US100 that is once again trading close to 11000 points.

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