Economic news

Wall Street Soars on Hopes for Infection Cases Deceleration

Wall Street soared by more than 4 percent on Monday, bouncing back from the last week heavy sell-off, after the Trump administration marked signs the coronavirus outbreak is starting to level off. The death toll in New York declined for the first time to 594 new deaths on Sunday from 630 the previous day. Slowdown in the number of new infections and deaths in Germany, Italy and Spain also gave some hope that current social distancing measures and businesses lockdowns are being effective in controlling the infection spread.

american express shares surgePhoto: Flickr

The Dow Jones gained 4.81 percent, to 22,065, the S&P 500 jumped by 4.66 percent, to 2,604 and the Nasdaq Composite soared by 4.71 percent, to 7,718 at 1517 GMT.

So, the U.S. stock markets started the week in the positive territory on Monday, after U.S. Leader mentioned the coronavirus health crisis was “leveling-off” in some of the worst-hit U.S. states.

Recall, on Friday, the Dow Jones lost 1.69 percent, to 21,052, the S&P 500 eased by 1.51 percent, to 2,488 and the Nasdaq went down by 1.53 percent, to 7,373 before the close bell on Friday. 

For the week, the Dow Jones dipped by 2.7 percent, the S&P 500 decreased by 2.1 percent and the Nasdaq Composite index descended by 1.7 percent on weekly basis.

 American Express and Raytheon Technologies Corp. shares contributed significantly to the Dow’s rally, with their 10.30 percent gain and 10.32 percent surge respectively.

Boeing securities surged by 9.76 percent, Visa market cap rose by 7.72 percent.

Source: Tradingeconomics

To leave a comment you must or Join us

  • avatar-1400
    • #

    Who knows this positive news is coming from. How can the infection cases in the US reach peak so quick, taking into account all restrictions? The virus effects on the economy will get even deeper during the next several weeks, as emergency moves are being prolonged

  • avatar-1233
    • #

    Bullish investors are too much considering this gossips. There still exists the possibility that the second wave of the virus to follow if some restrictions eased. I am sure that we are back to 1000 point swings (in both directions) in the near future until this reality sets in. As for the moment, a bear market is in full swing and we have yet to see the bottom. Longer term economic effects have also not yet been fully assessed

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree