S&P marks record close | Calamatta Cuschieri

Markets summary

The S&P 500 notched a record closing high on Friday with upbeat earnings reports helping to drive optimism about the economy along with hopes for successful COVID-19 vaccines. The Dow Jones Industrial Average rose 399.64 points, or 1.37%, to 29,479.81, the S&P 500 gained 48.14 points, or 1.36%, to 3,585.15 and the Nasdaq Composite added 119.70 points, or 1.02%, to 11,829.29.

European shares ended flat on Friday as surging coronavirus cases compounded fears of the damage to the bloc’s economy in the coming winter months. The pan-European STOXX 600 .STOXX edged 0.01% higher after jumping earlier this week on optimism around a working COVID-19 vaccine. German shares rose 0.2%, while France's CAC 40 index gained 0.3%.

Maltese markets also ended in the green with the MSE Equity Total Return Index closing up 0.72 percent at 7,470.616. Simonds Farsons Cisk plc led the gains with shares jumping 16.9 percent to €8.30, followed by Malta International Airport Plc which gained 2.94 percent to €5.25. Malta Properties Company Plc meanwhile recorded the largest drop with shares down 5.88 percent at €0.48.

US allows Qualcomm to sell 4g chips to Huawei

Qualcomm Inc on Friday received a license from the U.S. government to sell 4G mobile phone chips to China’s Huawei Technologies Co Ltd, an exemption to U.S. trade restrictions imposed amid rising tensions with China. “We received a license for a number of products, which includes some 4G products,” a Qualcomm spokeswoman told reporters.

Qualcomm and all other American semiconductor companies were forced to stop selling to the Chinese technology firm in September after U.S. trade restrictions took effect. Other U.S. companies such as Micron Technology Inc were also stopped from selling to Huawei and have said they have applied for licenses. Intel Corp has also said it has a license to sell to Huawei.

Huawei’s potential to design its own chips was thwarted in September by U.S. trade restrictions that blocked its access to chip design software and fabrication tools. Industry analysts believe Huawei’s stockpile of chips purchased before the ban could run out early next year, crippling its smartphone business.
 

Source: Reuters

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