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Global stocks surge as investors ignore record new COVID-19 infections, and pin their hopes on the start of earnings season

Added 07-13-20 06:14:02am EST - “A number of banks will report earnings this week, including Goldman Sachs, Wells Fargo, BNY Mellon, and investors' optimism outweighed rising cases.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Global stocks surge as investors ignore record new COVID-19 infections, and pin their hopes on the start of earnings season”. Below is an excerpt from the article.

Global stocks rose on Monday as investors ignore rising COVID-19 cases around the world, and build towards the start of the second quarter earnings season, which kicks off in earnest this week.

China's SZSE Component Index rose as much as 3.5% by the close. Stocks were also up in Europe and US futures were pointing to an increase of around 0.5% for major US indexes.

In Europe, the DAX in Germany climbed 0.9%, while the UK's FTSE 100 was up just shy of 1%. 

Read more: A Wall Street expert sees a retail-investing trend that preceded the dot-com bubble and financial crisis bubbling up again — and warns it will end 'abruptly and painfully' for the stock market

Naeem Aslam, chief market analyst at Avatrade, said: "European markets and the US futures are trading higher [as] traders are focused on the quarter earnings season and the hope is that it will set more positive tone for the coronavirus stock market rally."

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