CAPITAL MARKETS

S&P 500 reaches new high

The S&P 500 closed at a fresh high as the robust earnings season continues in the US.

Staff reporter
 Image: Unsplash.com/Synatix

Image: Unsplash.com/Synatix

The index closed up 0.18% to 4,574.79.

Meanwhile a bearish outlook weighed on base metals on the London Metal Exchange, where copper closed down more than 1%, as did nickel.

Marex's Al Munro on the LME desk pointed to global growth concerns, threats to consumption and Bloomberg analysis which forecast car and housing sales dropping again this month in China.

The gold price softened to US$1,793 an ounce on the spot market as the US dollar strengthened.

Among the mining majors, precious metals producer Fresnillo fell 4% in London.

BHP was down more than 1% in midday Australian trade.

Finally, copper major Freeport-McMoRan closed down 1.5% in New York.  

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