In the midst of the coronavirus pandemic, the mood to buy seems unbroken on Wall Street. Hopes of developing a Covid-19 vaccine and reviving business have encouraged investors to enter the US stock market. The broad share index S&P 500 (INDEXSP: INX) exceeded the psychologically important 3000 points mark for the first time in a good two and a half months, but was unable to maintain this level until close of trading. The Dow Jones (INDEXDJX: .DJI) gained 2.2 percent to 24,995 points. The technology-heavy Nasdaq (INDEXNASDAQ: .IXIC) advanced 0.2 percent to 9,340 points. The S&P 500 gained 1.2 percent to 2,991 points.
Asian trade was less buoyant in the early morning. Asian investors’ concerns about growing tensions between the United States and China dampened optimism on Wednesday. US President Donald Trump announced measures against China over national security laws against Hong Kong. The Nikkei index in Tokyo was almost unchanged on Wednesday. The broader Topix index rose 0.7 percent. The Shanghai stock exchange was down 0.3 percent.
French carmaker Renault and Japanese car manufacturers Nissan and Mitsubishi want to renew their alliance. The announcement and details of the partnership will be presented in a joint press conference on Wednesday.
In their first alliance with ex-auto boss Carlos Ghosn, the three companies had set themselves the ambitious goal of becoming the world’s largest automobile manufacturer by 2022 – now it’s about surviving the corona crisis. The revised alliance is expected to focus on the production of a particular vehicle type.