8/25, 10:01 PM (Source: TeleTrader)
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US closes mostly higher as recovery hopes climb

Shares on major US stock markets finished Tuesday's session mostly higher with investors focusing on indicators signaling the course of the country's economic recovery from the coronavirus crisis. White House economic advisor Larry Kudlow noted the Trump administration is not likely to cut the payroll tax at the moment but stressed the White House won't raise them amid the crisis. Meanwhile, President and CEO of the Federal Reserve Bank of Richmond Thomas Barkin claimed companies in the US remain hesitant to hire and invest as "the uncertainty is high."

On the data front, the US Census Bureau and the Department of Housing and Urban Development's report showed that new home sales in the US jumped 36.6% annually and 13.9% monthly in July.

The Dow Jones lost 0.21% or nearly 60 index points at the closing bell with Exxon Mobil slipping by more than 3%. The S&P 500 added 0.35% at the same time as Gap Inc soared more than 10%, while the Nasdaq 100 gained 0.82% with Amgen surging over 5%. The euro strengthened 0.36% against the dollar, going for 1.18324 at 3:58 pm ET.

Breaking the News / GA