U.S Indices had a wild trading session before rallying into the close with economic data the focus. Another 1.43 million people filed Initial Jobless Claims in the week ending July 25, according to the Department of Labour. This was below Wall Street’s estimate of 1.45 million. This also marks two straight weeks of increases in Jobless Claims. Second-quarter GDP came in at -32.9%, beating estimates, but also marking the worst decline on record. On the vaccine front, Johnson & Johnson (JNJ) announced that its Coronavirus vaccine candidate produced an antibody response in a non-human trial. The next stimulus package remains in the headlines, with the White House set to meet with Congressional leaders to find common ground. Earlier the markets sank after President Trump tweeted that he was in favour of delaying the November Election on safety grounds. A rally in big technology companies lifted stocks from Thursday’s lows, tempering concern over a bumpy economic rebound. Apple Inc., Amazon.com Inc., Alphabet Inc. and Facebook Inc. jumped in extended trading as results crushed Wall Street estimates. The iPhone maker also announced a 4-for-1 stock split to make the shares more accessible to a broader base of investors. Meanwhile in Europe, Stock markets declined after Germany’s second-quarter GDP came in much weaker than expected, indicating the Coronavirus-lockdown’s impact on Europe’s largest economy was worse than thought. Bank of France governor François Villeroy de Galhau said the Country’s economic slump may not have been as bad as forecast. The U.K. extended its isolation period for individuals showing Coronavirus symptoms to 10 days, from seven. The U.K. also announced it would be extending its lending programme to highly indebted firms, widening the scope of its small business support. Elsewhere, Oil fell 3% while Treasuries and the US Dollar closed lower.
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