Pandemic can’t stop Wall Street rally, Nasdaq breaks fresh record

first_imgWall Street continued to rally on Monday, with main indices ending higher and the Nasdaq again notching a fresh record even as the coronavirus continues to bedevil the United States.At the closing bell, the Dow Jones Industrial Average was up 1.8 percent at 26,287.03.The broad-based S&P 500 gained 1.6 percent to finish at 3,179.72, while the tech-rich Nasdaq gained 2.2 percent to end at 10,433.65 – its third straight record close. Markets are gaining despite mounting fears the coronavirus pandemic is far from over in the United States, which has seen the world’s largest outbreak with nearly 40,000 new cases reported in 24 hours on Sunday.Though some mayors say their cities reopened too early and worry their healthcare systems will soon become overwhelmed with COVID-19 patients, Karl Haeling of LBBW said Wall Street believes they will not see a return of the widespread business shutdowns of mid-March.”The market is showing more resilience than I expected. I didn’t think we’d be immune from these bad virus numbers,” he said.”As bad as they are, there is no real appetite for locking the economy down. If the deaths start to tick up and overwhelm hospitals more broadly, maybe that changes things.” Amazon was among the tech stocks seeing big gains, rising 5.8 percent to end at US$3,057.04, the first time its share price has ended above $3,000.Netflix gained 3.6 percent to close at an all-time high, while Apple rose 2.7 percent and Microsoft 2.2 percent.After a unit of billionaire Warren Buffet’s giant holding Berkshire Hathaway announced it would acquire much of Dominion Energy’s natural gas assets for $4 billion in cash in addition to debt, Berkshire ended up 2.2 percent while Dominion lost 11 percent.Uber closed with a gain of six percent after announcing it would buy delivery startup Postmates for $2.65 billion in stock. The move shakes up the sector, which has seen surging growth during the pandemic.Topics :last_img read more

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New Farm house sells for $8m

first_img 36A Oxlade Drive, New Farm, as seen from the river.“It’s $10,900 per square metre,” Ray White New Farm principal Matt Lancashire said.The sale capped off a stellar weekend of auctions for the inner-city agent with $15 million in auction sales recorded. This house at 36A Oxlade Drive, New Farm has sold at auction for $8m.A block acquired in a land swap with a friend 45 years ago has become the most valuable property for its size on the Brisbane River after it sold at auction on Saturday for $8 million.Every square metre of usable land at 36A Oxlade Drive, New Farm is worth as much as a bathroom renovation. Ray White New Farm principal Matt Lancashire. Picture: Annette DewThe New Farm property took out the preliminary highest sale of the day for the Ray White Group nationally. “COVID has actually done the opposite to what everyone thought,” Mr Lancashire said.“People don’t think they’re going to be travelling properly for the next three years and they want a nice house to live in. We’ve seen people significantly upgrading, not just doubling but in some cases tripling their asset value.“I’ve got more buyers in the $5 million-plus range than I’ve ever had in 15 years of selling real estate.” The property has direct river access.The four-bedroom deceased estate at New Farm had belonged to Brisbane Motor Auctions owner Peter Bettson, who acquired the 835sq m block (735sq m excluding the easement driveway) in a land swap for acreage on the Nerang River.“Dad had built a place on Bellview Crescent on the Nerang River where he had three acres,” Peter Bettson’s son, Jeff Bettson said.“That was the house he swapped for Oxlade Drive.“I can’t remember the guy’s name, we didn’t meet him but he was unwell and had to come down to get out of Brisbane.“I expect that dad’s house appreciated a little more than the other guy’s did.” The entrance to 36A Oxlade Drive, New FarmPeter Bettson passed away 18 months ago and his wife Beverley had been living in the home until she passed away in June.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours agoParks and wildlife the new lust-haves post coronavirus8 hours agoEleven bidders took the property to auction with an opening bid of $5 million and five bidders were active even after the property passed $6 million.At $7.5 million the auction was paused and the bid was negotiated to $8 million. The property was then announced on the market and sold unchallenged for that price.Mr Lancashire said the house had sold to a local New Farm buyer who was looking to land bank the property. The property is between New Farm Park and the Merthyr Bowls Club.“No it wasn’t a Seymour,” Mr Lancashire said, referring to the prolific property development family, led by Kevin Seymour, who has been snapping up riverside blocks and shaping Brisbane’s skyline for more than five decades.”Mr Bettson said he was happy his parents’ home, which is located between New Farm Park and the Merthyr Bowls Club, was not being earmarked for development. The kitchen.“We were concerned about who would buy it,” Mr Bettson said.“You need units in certain places, as long as it’s all balanced development. New Farm has a unique character and a very strong village feel. There are units around it, but there are places where you don’t need units and not many properties are coming on the market in this area.” MORE PROPERTY STORIEScenter_img Conditions now best ever for first-home buyers FOLLOW US ON FACEBOOKlast_img read more

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