Wed, 30 Sep 2020

NEW YORK, New York - U.S. support for airlines including a proposed $25 billion support package under negotiation, and an unexpected exuberant result from Walt Disney Co catapulted Wall Street into the stratosphere on Wednesday.

The Disney company's good news: Revenues for the quarter were not as low as expected.

"That is helping the Dow and that has been a laggard versus the S&P this year, but it is more than that," Willie Delwiche, investment strategist at Baird in Milwaukee told Reuters Thomson Wednesday. "At a time when everyone is talking about how big and how important these megacaps are to the S&P, kind of quietly you are starting to see a little bit of a leadership rotation."

At the close of trading Wednesday the Dow Jones Industrial Average was up 373.05 points, or 1.39%, at 27,201.52.

The Standard and Poor's 500 rose 21.26 points, or 0.64%, to 3,327.77.

The Nasdaq Composite advanced 57.23 points, or 0.52%, to 10,998.40.

The U.S. dollar was weaker across the board, with its recent rally fizzling. The euro jumped to 1.1870 by the New York close Wednesday. The British pound rose to 1.3123. The Japanese yen edged up to 105.58. The Swiss franc jumped to 0.9082.

The Canadian dollar was sharply higher at 1.3266. The Australian dollar firmed to 0.7194, while the New Zealand dollar strengthened to 0.6650.

Overseas, London's FTSE 100 rose 1.14%. The German Dax was 0.47% higher, while the Paris-based CAC 40 climbed 0.90%.

On Asian markets, in Japan, the Nikkei 225 dropped 58.81 points or 0.26% to close at 22,514.85 on Wednesday.

China's Shanghai Composite added 5.88 points or 0.17% to 3,577.56.

The Australian All Ordinaries slipped 30.60 points or 0.50% to 6,135.90.

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