Wall Street soars on hopes of slowing coronavirus deaths
US stocks rocketed higher on Monday, with each of the major indexes rallying at least 7%, after a fall in the daily death toll in New York, the country’s biggest coronavirus hot spot, fueled optimism a leveling off of the pandemic was on the horizon.
New York Governor Andrew Cuomo said on Monday that hospitalizations of coronavirus patients are down and the rate of the rise in deaths has leveled off in the hardest-hit state. But he cautioned against complacency.“Seeing the market soar the way it is, even though the fundamentals continue to be in free fall, the market is looking across the valley and saying ‘six months from now things will be on the ascent,’” said Sam Stovall, chief investment strategist at CFRA Research in New York.
“They are looking across the valley and seeing a lot of scary news but are basically saying ‘We will get past this.’”Even with the positive signs, US officials have braced the country for a “peak death week” from the pandemic, with the death toll topping 10,000.
The Dow Jones Industrial Average rose 1 627.46 points, or 7.73%, to 22 679.99, the S&P 500 gained 175.03 points, or 7.03%, to 2 663.68 and the Nasdaq Composite added 540.16 points, or 7.33%, to 7 913.24.The gains marked the biggest daily percentage rise for each index since March 24.
All 30 Dow components were in positive territory, led by a gain of 19.47% in Boeing shares, while the technology .SPLRCT and defensive utilities .SPLRCU sectors, among the best-performing for the year, climbed more than 8%.The S&P 500 banking index .SPXBK jumped 8.21% and notched its best day in just over a week.
Wall Street’s fear gauge fell to its lowest in two weeks, but remained at elevated levels. During the financial crisis of 2007-08, the S&P 500 took months to establish a bottom even after the volatility index plummeted.Despite Monday’s bounce, the S&P 500 remains down more than 21% from its mid-February record close.
S&P 500 companies are expected to enter an earnings recession in 2020, with declines in profit in the first and second quarters, according to IBES data from Refinitiv, as demand evaporates across sectors such as airlines, luxury goods and industrials. First-quarter expectations now call for an earnings decline of 6% from the year-ago period.
Versace owner Capri Holdings surged 25.9% after saying it expects to open its stores after June 1 and that it would furlough all its 7,000 employees in North America.Video conferencing app Zoom fell 4.1% on concerns over its data-privacy practices and increased competition from deep-pocketed rivals.
Advancing issues outnumbered declining ones on the NYSE by a 8.09-to-1 ratio; on Nasdaq, a 5.68-to-1 ratio favored advancers. Read more: SABC News Online »
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More than 8 000 cases of coronavirus in Africa, 399 deaths: WHO - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Coronavirus has claimed 399 lives so far in Africa. According to statistics from the World Health Organisation, there are 8 916 confirmed cases of the virus on the continent. via SABCNewsOnline So wat Not so long it was 24 dead people jiki jiki its 399🙄🤷♂️ something ain't right
South Africa confirms 11 deaths of COVID-19 - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.On Sunday the total number of confirmed COVID-19 cases stand at 1655, this is an increase of 70 from the previously reported cases. FlattenTheCurve 👇 Only now? You guys are really delayed hei 😳 👀👀just wish people would listen
Africa could lose 20 million jobs due to pandemic - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.About 20 million jobs are at risk in Africa as the continent’s economies are projected to shrink in 2020 due to the impact of the coronavirus pandemic, according an African Union (AU) study. U are part of the problem. You're proud to call this nonsense news... You know its blacks... mostly South Africans Thought there was no jobs nje 🤦♂️😥😥
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Southern Africa has cracked down on fake news, but may have gone too far - The Mail & GuardianIn response to the Covid-19 pandemic, Eswatini, South Africa and Zimbabwe have implemented new rules on disinformation. But these may have unintended consequences. 'including 'the freedom to seek, receive and impart information and ideas of all kinds'' - so if someone gets, say, 'covid is over' trending on Twitter, we should be okay with that? Slow day at the office, M&G? On Zimbabwe it's got nothing to do with COVID 19, they have always wanted to put a muzzle to what they call 'social media abusive'. Now they have a reason! Are you trying to bail out News24 for peddling fake news?
US stocks rise on hopes of slowing coronavirus deathsDow, S&P and Nasdaq up more than 5% after a drop in the daily death toll in New York