Wall Street shrugs off virus concerns as tech and financial markets surge
Wall Street shrugged off virus concerns and started on a bullish Monday with tech and financial markets taking the lead.
The S&P 500 index as well as the Dow Jones Industrial Average rose to its highest by 4.6% and 5.1% respectively. The Nasdaq Composite also soared up by 4.5%.
U.S. officials said that the country’s death toll from the coronavirus had risen by 6. However, with the strong expectations of a 50-basis-point rate cut by the Federal Reserve, investors flee to stocks, causing major indexes to close to highs by the end of the session.
Apple rallied in tech after investors Wall Street upgraded its rating on the iPhone maker.
Banking stocks in financials also led the market benefitting from a surge in bond yields. JPMorgan, Goldman Sachs, and Bank of America were seen in a sharp rise after the 10-year Treasury yield recovered from a record low of 1.03% to 1.157%.
Dollar gains as investors rush for safe havens due to virus worries08.04.2020
Amazon halts new delivery service to focus on demand surge07.04.2020
Airbnb receives $1 billion investment from Silver Lake, Sixth Street06.04.2020
Southwest Airlines will cut 40% of its flights in May amid virus outbreak