Morning Report 15 Jul 20: US sharemarkets rallied in the final hour on Tuesday to finish higher

Following profit announcements, shares in Citigroup fell 3.9% while Wells Fargo was down 4.6% after reporting a loss for the first time since the 2008 global financial crisis. But shares in JP Morgan rose by 0.6% after a smaller-than-expected fall in second-quarter profit. The broader market was supported by energy, materials, health and consumer staples. Technology shares rebounded from lows in the last hour of trade. The Dow Jones index rose by 557 points or 2.1%. The S&P500 rose by 1.3%; the Nasdaq rose by 98 points or 0.9%.

This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399, AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The Bank and its subsidiaries have effected or may effect transactions for their own account in any investments or related investments referred to in this report. This report is not a recommendation to buy, sell or hold any securities or financial products, and has been prepared without taking account of the objectives, financial or taxation situation or needs of any particular individual. For this reason, any individual should, before acting on the information in this report, consider the appropriateness of the information, having regard to the individual's objectives, financial or taxation situation and needs and, if necessary, seek appropriate professional advice. This report is produced by Commonwealth Research based on information available at the time of publishing. We believe that the information in this correspondence is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness. To the extent permitted by law, neither the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report.