Banks, Oil Stocks Drag Europe Lower Despite Record Highs for Wall Street

(Reuters) – European shares ended lower on Tuesday, with banking and energy stocks leading the losses on worries about escalating U.S.-China tensions even as a tech-powered rally saw New York’s S&P 500 hit an all-time high.

After hovering in the positive territory earlier in the session, the pan-European STOXX 600 turned decidedly lower in afternoon trading. The index closed down 0.6%, still 15% below its record high.

On the other side of the Atlantic, the benchmark S&P 500 .SPX hit an intra-day high, recovering all its losses made since the onset of the coronavirus crisis in February, powered by a rally in Amazon (AMZN.O), Apple (AAPL.O) and other tech-related companies. [.N] Read more…..


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Head of Macro Strategy at Academy Securities Peter Tchir discusses the need for more stimulus and the market outlook.

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