Monday, 06 April, 2020


U.S. stocks whipsawed after Washington reaches historic rescue deal

New York Stock Exchange building Enlarge Image Getty Images
Conrad Doyle | 25 March, 2020, 16:38

"At last we have a deal", Republican Senate Majority Leader Mitch McConnell said around 1:37 a.m. ET from the floor of the Senate.

The price action suggests investors are still paying close attention to the headlines about USA lawmakers closing in on a massive fiscal stimulus bill work $2 trillion to combat the economic damage from the pandemic.

The Dow Jones Industrial Average rose 345.43 points, or 1.67%, at the open to 21,050.34, while the Nasdaq Composite gained 3.50 points, or 0.05%, to 7,421.36 at the opening bell.

The S&P 500 has lost more than $9 trillion in value from its mid February record high, while the Dow Jones erased over three years of gains in one month.

A separate proposal in the U.S. House of Representatives to grant airlines and contractors a $40 billion bailout lifted the S&P 1500 airlines index .SPCOMAIR by 17.22%. Wall Street's bounce around noon came after Schumer, D-NY, said that Senate lawmakers are "very close to reaching a deal".

To support the economy while health experts work to corral the virus, the Federal Reserve on Monday pledged to buy as many Treasurys and mortgage-backed securities as it takes to keep lending markets working smoothly. "If there's not too much damage done to the workforce, to the businesses during the shutdown period, however long that may be, then we could see a fairly quick rebound", Bernanke told CNBC's "Squawk Box".

Total coronavirus cases in the USA exceeded 55,200 with around 800 deaths.

Spain experienced a record spike in coronavirus deaths, with 504 reported for Tuesday. "In reality, we believe it will be a combination of these, and in some cases there are already signs these are in place". Thailand announced $3.6 billion in stimulus on Tuesday as its prime minister announced a state of emergency likely to bring stronger restrictions on business and travel.

"I don't think there's any more confidence in the fundamental outlook, but the fact that we're making progress is good news", said Katie Nixon, chief investment officer at Northern Trust Wealth Management. They believe a bounce could occur here even as coronavirus cases continue to surge because the market was so oversold.

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