Congress passes stimulus bill, Dow rises more than 13% in two days
Congress passed a new coronavirus stimulus package, and the Dow Jones Industrial Average rose more than 13% in two days.
The Dow Jones Industrial Average rose more than 13% in two days as Congress passed a new coronavirus stimulus package.
The Dow rose 495.64 points or 2.39% to close at 21,200.55 points. The Staples 500 Index rose 28.23 points or 1.15% to close at 2475.56 points. This is the first time in February that the Dow and Shizhi have risen for two trading days. Boeing shares rose 24.32%, leading the Dow. Nike rose 9.14%, which also contributed to the Dow’s rise.
The Nasdaq Composite Index fell 33.56 points or 0.45% to close at 7384.3 points, as Facebook, Amazon, Apple, Netflix and Google parent Alphabet all closed down.
Stocks slipped from a high point in the last few minutes of the transaction after Senator Bernie Sanders said he was prepared to “suspend the bill temporarily until stronger conditions are imposed on the 500 billion yuan corporate welfare fund. The Dow once rose more than 6% during the session, and the historical index also rose 5.1%.
Vital Knowledge founder Adam Crisafulli said in the report: “The stimulus measures will continue to be bullish for equities, as they will penetrate all corners of the currently locked-in credit market.” But the market is “clearly more fundamental than fundamental.” “It will move faster, just as the sharp declines of the past few days have exaggerated economic conditions, so will the rebound.”
Overnight the White House and Senate leaders agreed on a $ 2 trillion new crown virus stimulus bill.
“We have finally reached an agreement,” Republican Senate Majority Leader Mitch McConnell said in a Senate meeting. “In reality, this is the level of wartime investment in the United States.”
Former Fed Chairman Ben Bernanke also said that after a “very sharp” recession, the US economy would rebound rapidly. “If there is not much damage to employees and businesses during the shutdown, no matter how long the damage is, then you will see a fairly rapid rebound.” He also added that the current situation is “more like the Great Depression” It was a big blizzard. “
He also acknowledged that Jerome Powell, the current chairman of the Fed, acted quickly to curb the economic shock caused by the outbreak. “I think the Fed has been very active. Bauer and his team have been working hard. And show that they can build a diverse set of plans that will help us keep our economy running during the shutdown. “
However, some investors believe that the number of confirmed cases of global new crown virus needs to increase to make the market bottom.
“You have to understand that the longer the epidemic lasts, the more people will be unemployed,” said Yousef Abbasi, director of equity at INTL FCStone, a US agency. “Therefore, it will be very difficult to achieve a sustained rebound at this point.”
Spain’s new crown virus deaths reached a record high, with 504 on the 24th. According to Johns Hopkins University, there are 400,000 confirmed cases worldwide. There are more than 55,000 cases in the United States, and more than 69,000 cases in Italy.
New York Governor Ge Mo said state and city officials are also measuring closed parks, playgrounds and streets in New York City to strengthen social isolation. He noted, however, that the number of new cases in Westchester County had begun to decrease. Some market participants see this as positive news.
Peter Oppenheimer, chief global equity strategist at Goldman Sachs, said that market stability now requires four “factors”: “I. Adopting policy intervention is sufficient to prevent signs of severe second- and third-round economic shocks. Signs of peaking; 3. Signs that the economic downturn may be slowing down; 4. Valuations are cheap. “
“In fact, we think these factors have begun to combine, and in some cases, there are already signs that they are in place,” he wrote in a report to clients.
Some investors believe that the stock market should have rebounded a lot, because the market has reflected the worst situation of economic losses caused by the new crown virus-related shutdown. They believe that even if the number of new crown virus cases continues to surge, it may start to rebound because the market is already oversold.
Investors will also welcome weekly unemployment claims. Due to the new crown virus, the number of unemployed is expected to surge at an unprecedented rate. Economists predict that the number of applicants will reach 1 million to 4 million last week.
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