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S&P/ASX 200 rebounds 1% as big miners and tech stocks rise

Published: 23:11 08 Jul 2020 EDT

Archer Materials Ltd - S&P/ASX 200 rebounds 1% as big miners and tech stocks rise

S&P/ASX 200 (INDEXASX:XJO) has surged 1.04% to 5982 at 12.43 pm chasing Wall Street's tech-fuelled overnight rally.

The NASDAQ rose to a record high yesterday helped by advances for Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN).

Australian Tech stocks are rallying today with Afterpay Ltd (ASX:APT) rising to a fresh all-time high of $73.48.

Mining shares rise

Local miners are also surging thanks to elevated prices for both bulk and precious metals with iron ore reaching a 2020 high of $US106.50 yesterday.

BHP Group Ltd (ASX:BHP) is up 2.27%, Rio Tinto Limited (ASX:RIO) gained 3.27% and Evolution Mining Ltd (ASX:EVN) rose 4.46%.

The value of new home loans in Australia fell by 11.6% or $2.2 billion in May, the largest fall in the history of the series.

Australian Bureau of Statistics said the worse-than-expected fall was driven by a strong drop in the value of loan commitments for housing in NSW and Victoria.

COVID-19 update

Experts have warned NSW could be locked down again if it fails to stem COVID-19 cases arriving from Victoria.

World Health Organisation advisor Mary-Louise McLaws said there is a large increase in active cases that would see health authorities in NSW too overwhelmed to conduct effective contact tracing.

The US set another record for new COVID-19 cases on Wednesday, with more than 59,000 infections announced and some states’ final numbers still unreported.

It was the fifth national record set in nine days.

Top gainers

Today’s top gainers on the ASX include Nelson Resources Ltd (ASX:NES) (+11.11%), Sensen Networks Ltd (ASX:SNS) (+17.28%), White Rock Minerals Ltd (ASX:WRM) (+9.09%), Cobalt Blue Holdings Ltd (ASX:COB) (+10.00%) and Artemis Resources Ltd (ASX:ARV) (+14.52%).

Proactive news headlines:

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