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New Home Sales in The U.S Rise, Despite COVID Deaths FTSE 100 Closes Higher & Chinese Stocks Biggest 1-day Rise of the Year

U.S. indices higher, as new home sales rise

The S&P 500 and NASDAQ hit record highs for the second consecutive session, as data released showed that U.S. new home sales rose.

Figures reported by the Commerce Department showed that new home sales in the United States rose by 1.0% in the month of July.

This increase took the total to an annual rate to 708,000 units last month,  whilst June’s figures were revised up to 701,000 units.

In addition to the increase in sales, the average house price rose by 18.4% to $390,500 from the same period a year ago.

Both the S&P 500 and Dow Jones were 0.25% higher as of writing, with the NASDAQ up 0.48%.

FTSE 100 rises despite rise in COVID-19 deaths

In the United Kingdom, the benchmark FTSE 100 was also higher in today’s session, despite data showing that COVID-19 deaths had increased.

On Tuesday, it was reported that there were 174 coronavirus related deaths, which is the highest since March 12th, following on from 40 recorded deaths yesterday.

This comes as cases in Britain continue to spike up since the easing of lockdown measures, with another 30,838 new cases being confirmed today.

The rapid spread of the Delta variant has raised concerns about potential future lockdowns, which many believe could be inevitable if the infection, and death rate continue to rise.

London’s FTSE 100 closed 0.24% higher on Tuesday, despite the data.

Chinese stocks experience biggest 1-day rally of 2021

Stocks in China surged during Tuesday’s session, as investors moved to capitalize on recent market weakness within the world’s second largest economy.

The Chinese stock market has been under pressure in recent weeks, with many of the country’s biggest companies experiencing huge selloffs, as a result of stiffening regulations.

However on Tuesday, equities had their best day so far of the year, with the likes of Alibaba climbing by over 8%.

Today’s rally also comes, as Chinese authorities confirmed that a recent resurgence in COVID-19 infections had begun to slow, giving way to potential easing of domestic travel restrictions.

Both the Hang Seng and Shanghai Composite finished higher on Tuesday.

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