In Asia, South Korea's Kospi led regional losses, slumping 2.5% amid worries over surging coronavirus cases. The yield on the 10-year Treasury dipped to 0.67% from 0.69% late Monday. China added that it will protect Chinese companies, though it gave no indication of possible retaliation.
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The world's two largest economies keep ratcheting up their tensions, and China on Tuesday accused Washington of damaging global trade with sanctions that threaten to cripple tech giant Huawei. Other risks are also hanging over the market, not even including the continued spread of the coronavirus. Extra unemployment benefits for workers and other stimulus for the economy have already expired. The worry, though, is that conditions could backtrack if coronavirus counts worsen or if Washington can't broker a deal on more aid for an economy that investors say absolutely needs it. It echoes other data that have shown budding improvements across the economy since the spring, as widespread shutdowns have eased. Builders broke ground on more new homes in July than economists expected, and at a faster pace than June.
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Home Depot's report coincided with data from the Commerce Department showing a recovery is continuing for home construction. Walmart waffled between small gains and losses and was down 0.5%. Home Depot, meanwhile, saw more people picking up do-it-yourself projects as the pandemic kept many working from home. Walmart benefited from surging sales for its online business, as customers looked to buy necessities without having to go to a store. Walmart and Home Depot also reported better results than analysts expected. It said sales grew at its established stores last quarter by the strongest degree in nearly a decade. government helped its customers afford parts to repair and service their automobiles. It said enhanced unemployment benefits and other aid for the economy provided earlier by the U.S. It's mostly just retailers left in the S&P 500 to report their second-quarter results, and several continued the strong recent trend of delivering results that weren't as bad as Wall Street expected.Īdvance Auto Parts rose 1% after it reported a much bigger jump in earnings for the spring than analysts had forecast.
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companies are mostly finished reporting their earnings results for the spring, while investors are waiting to see if Congress and the White House can get past their partisan differences and agree on more aid for the economy. Trading has been very quiet in recent days, after a tremendous rally since March wiped out virtually all of the 34% drop the S&P 500 suffered earlier this year on worries about the recession leveling the global economy.