CAPITAL MARKETS

Markets march up, gold down

Mining majors gain

Staff reporter
 The New York Stock Exchange

The New York Stock Exchange

Wall Street was buoyant, with the S&P 500 making its strongest one-day gain since June, Reuters reported, as another COVID-19 vaccine received US approval and president Joe Biden's US$1.9 trillion relief package was passed by the house of representatives before heading to the senate.

The S&P 500 closed up 2.38% to 3,901.82.

Futures were up around the globe.

Gold has slumped to $1,723 an ounce on the spot market, having bobbed around the $1,800/oz mark last week.

Chinese official manufacturing PMI missed forecast in February and the Caixin manufacturing data also came in below estimates, but business expectations for both the manufacturing and non-manufacturing sectors rose from already-strong readings in January, Marex Spectron's Anna Stablum said.

Among the majors, Anglo American was a standout in London, up 4.53%.

Freeport-McMoRan rose 2.92% in New York, Barrick Gold gained 1.18% in Toronto and BHP was up 0.67% in midday Australian trade.

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