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Another Stock Surge, With US Relief Bill Seen Imminent

EQUITIES

US equity markets touched fresh alltime highs shortly following the open, with a disappointing Nonfarm Payrolls release doing little to rock the boat. Expectations for a further COVID stimulus package were running high in the close, with reports of fresh impetus among US lawmakers helping buoy sentiment. Broad-based gains were seen across the Dow Jones, S&P 500 and NASDAQ.

The sectoral breakdown was supportive of the reflation theme, with energy and materials outperforming, while utilities and consumer staples lagged.

Higher WTI crude oil prices helped boost the likes of Occidental Petroleum, Apache and National Oilwell Varco, who all traded higher by 7% or more.

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