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Dow rises 300 points despite record daily coronavirus death toll

by John Stamper (2020-05-08)

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Wall Street stocks rose on Wednesday on hopes that the coronavirus outbreak was nearing its peak in the United States, despite the country posting a record single-day jump of more than 1,800 deaths.

image.php?image=b4architecture_interiorsAt the closing bell, the Dow Jones Industrial Average was up 779.71 points, or 3.44 percent, at 23,433.57. 

Markets have been incredibly volatile in recent weeks as investors blindly guess how badly the coronavirus outbreak will hurt corporate profits amid suffocating uncertainty.  

Stocks opened higher after President Donald Trump said Americans might be getting to the top of the 'curve' in relation to the outbreak, and New York Governor Andrew Cuomo said the state's efforts at social distancing were working in getting the virus under control.

Wall Street stocks rose on Wednesday on hopes that the coronavirus outbreak was nearing its peak in the United States. Above, the New York Stock Exchange is seen last month

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'Stocks are celebrating good news on the coronavirus front, that is legitimate, that is fair and they probably should,' said Willie Delwiche, investment strategist at Baird in Milwaukee.

'It is going to be a slow process to get things going again but right now stocks are breathing a sigh of relief that maybe the models with death projections from a week or two weeks ago, maybe those aren't going to pan out.'

'Traders are trying to pick a bottom in shares and scientists are trying to pick the peak in the pandemic. Both exercises typically result in a lot of false starts before the real thing,' Jasper Lawler, head of research at London Capital Group said.

Measures to contain the virus have had devastating effects across American businesses, with the benchmark S&P 500 down nearly 22 percent, or about $6 trillion in market value, from its record high in mid February.

Tesla Inc and Boeing Co supplier Spirit AeroSystems became the latest companies to furlough workers.

Spirit's shares jumped 10.95 percent, while Tesla slipped 0.14 percent.

Kevin McSpedon, Assistant Chief Electrician at the New York Stock Exchange, rings the opening bell Wednesday, recognizing Sandi Vandiver, associate at a Walmart in Arkansas

A one-day view of the Dow on Wednesday shows the index rising steadily through the day

Even with the big gains in recent weeks, in part due to massive fiscal and monetary stimulus measures, the S&P 500 is still down about 19 percent from its record high in mid-February, as measures to contain the virus brought the U.S. economy to a virtual halt.

The minutes from two emergency meetings of the Federal Reserve showed officials grew increasingly concerned by the swiftness with which the coronavirus outbreak was harming the U.S. economy and disrupting financial markets, prompting them to take 'forceful action.'

Top U.S. Democrats in Congress said on Wednesday they would back the Trump administration's request for $250 billion more in aid for small businesses if it includes additional money for hospitals, local governments and food assistance.

In case you liked this article in addition to you desire to get more details relating to Repair/Replace/Upgrade Panel i implore you to check out our own web-page. The package would add to the $2.3 trillion in stimulus already approved and meant to make up for the wages and incomes lost after Americans were ordered to stay home.  


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