Both the S&P and NASDAQ 100 made new all-time highs on optimism around the timeline for a Coronavirus vaccine. National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci said a Coronavirus vaccine could be available earlier than expected if clinical trials prove to be overwhelmingly positive. This follows similar comments from the head of the FDA earlier this week, who said the administration could approve a vaccine before it was finished trials if the rewards outweigh the risks. In terms of economic data, ADP Employment Change data fell short of estimates, but continued a trend of increased hiring. Federal Reserve Bank of New York President John Williams said that Interest Rates will remain low for a long time. And Cleveland Fed President Loretta Mester said the Second Quarter was the trough for the economy and that economic activity would continue to rebound throughout the second half of the year. The Dow led the charge closing with a gain of 455 points at 29,100. European Indices got support following comments from European Central Bank Chief Economist Phillip Lane who said the Euro-Dollar exchange rate does matter, potentially signalling action from the central bank to weaken the currency. That would make European exports more attractive, boosting the growth picture. German Retail Sales unexpectedly fell in July, indicating that the country’s economic recovery will be uneven. Italy’s Economic Minister said the country’s Gross Domestic Product will fall by more than 8% in 2020, but “not much more” than that. Most European Indices ended the day with gains close to 2%. Elsewhere, Oil fell almost 3% on fears the rebound in fuel demand was stalling while Gold decline 1.5% on Dollar strength.
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