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%.