Wed, 27 May 2020

Dow Jones jumps 779 points in leap of faith

Lola Evans
09 Apr 2020, 08:13 GMT+10

NEW YORK, New York - It was a positive day for Wall Street on Wednesday as sentiment towards a peaking of Covid-19 cases in the United States took hold.

It is unclear as to what was driving that sentiment as in New York alone the number of cases on Wednesday was approaching 150,000, while New York and New Jersey both recorded a record number of deaths for the day, attributed to the virus.

Nonetheless, stock markets rallied.

"The key focus of 'peak.' That seems to be on every investor's mind right now is when will coronavirus cases peak," Eric Freedman, chief investment officer at U.S. Bank Wealth Management in North Carolina told Reuters Thomson on Wednesday.

"At some point the economic considerations really start to materialize. Plus, what will that transmission mechanism be for the economy, meaning in what phase will the economy be restarted."

At the close of trading Wednesday the Dow Jones Industrial Average was ahead 779.71 points, or 3.44%, at 23,433.57.

The Standard and Poor's 500 rose 90.57 points, or 3.41%, to 2,749.98.

The Nasdaq Composite .IXIC gained 203.64 points, or 2.58%, to 8,090.90.

The euro consolidated recent gains, trading in New York around the close at 1.0855. The British pound firmed to 1.2383.

The Japanese yen was little changed at 108.55.

The Swiss franc edged up to 0.9722. The Canadian dollar strengthened slightly to 1.4017.

The Australian dollar jumped nearly a cent to 0.6233. The New Zealand dollar was also in demand, trading at 0.6009.

On overseas equity markets, in London the FTSE 100 closed down 0.48%. The German Dax was off 0.23%, while in Paris, the CAC 40 rose 0.10%.

On Asian markets, in Japan the Nikkei 225 jumped 403.06 points or 2.13% to 19,353.24. China's Shanghai Composite slipped 5.39 points or 0.19% to 2,815.37.

The Australian All Ordinaries dipped 42.50 points or 0.80% to 5,258.80.

In Hong Kong, the Hang Seng fell 282.92 points or 1.17% to 23,970.37.

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