Wall St. holds gain as Senate reaches stimulus deal

26 Mars, 2020, 05:54 | Auteur: Auguste Feret
  • Dow has best day since 1933 as US Congress nears deal on aid

In metals markets, gold changed hands at US$1,608.78 an ounce, retaining most of Tuesday's gains of nearly 5 per cent, its biggest jump since 2008.

The Dow Jones Industrial Average soared more than 11% on Tuesday in its biggest single-day percentage gain since 1933 and the benchmark S&P 500 jumped 9.4% - its tenth best day on record out of 24,067 trading sessions since a daily data series started in 1927.

USA stocks ended mixed on Wednesday in anticipation of the approval of a massive coronavirus stimulus package.

Still, there were broad gains on Wall Street as the S&P energy index rose almost 10%, the most among the 11 major sectors, tracking a surge in oil prices.

Hopes are now running high of the U.S. Senate passing a $2 trillion stimulus bill, aimed at providing financial aid to Americans out of work and help distressed industries.

"They're hitting on all the right elements of what the US economy needs during the shutdown to bridge itself to the other side to open up economic activity", said Darrell Cronk, chief investment officer of Wells Fargo Wealth and Investment Management.

But even optimists say the package provides just the second leg of three that markets need to regain lasting confidence. Positive comments from New York Gov. Andrew Cuomo and a former Federal Reserve chief also lifted equities.

"It's too early to call a bottom because there's way too much uncertainty", said Tony Rodriguez, head of fixed income strategy at Nuveen. "It's wonderful to see a big uptick and the market needed it".

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The number of COVID-19 cases in the United States topped 60,000 as of Wednesday noon, according to the Center for Systems Science and Engineering at Johns Hopkins University. Overall, more than 112,000 have recovered.

"People have to contend with the idea that the longer that lasts, the more people potentially are losing their job", said Yousef Abbasi, director of US institutional equities at INTL FCStone.

The dollar and global equity markets marched higher on Wednesday and were poised for a second day of gains following a coronavirus-induced selloff, though investors remained concerned about the pandemic's economic impact. The S&P 500 and the Nasdaq Composite were up around six percent.

The S&P 500 also gained 1.2 per cent to close at 2,475.56, but the Nasdaq slipped late in the day, losing 0.5 per cent to finish at 7,384.30.

Royal Caribbean Cruises and Norwegian Cruise Line Holdings each rallied about 23%. Germany's DAX was down 0.8%, and the French CAC 40 was up the same amount.

Treasury yields were mixed.

Boeing, once a symbol of USA manufacturing strength, jumped 17% after Chief Executive Officer Dave Calhoun said the company still expected a "mid-year" return to service of the 737 MAX aircraft.

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