Stocks wobble as Wall Street downshifts from historic rally

New York Stock Exchange building

Stocks are higher in another day of bumpy trading Wednesday as Congress moves closer to passing a $2 trillion package to help the economy deal with damage caused by the coronavirus.

On Tuesday, the Dow Jones.DJI had soared over 11% in its finest day since 1933, whereas the S&P 500.SPX jumped 9.4%, recouping about $1.Eight trillion in market worth.

At 13:11 p.m. ET the Dow Jones Industrial Average .DJI was up 1,491.90 points, or 8.02%, at 20,083.83, the S&P 500 .SPX was up 153.38 points, or 6.86%, at 2,390.78 and the Nasdaq Composite .IXIC was up 394.84 points, or 5.76%, at 7,255.52.

The S&P index recorded no new 52-week high and two new lows, while the Nasdaq recorded four new highs and 61 new lows.

USA stocks were mixed at noon in volatile trading.

Investors hope that the U.S. Senate will pass a $2 trillion (1.7 trillion pounds) stimulus bill, aimed at providing financial aid to Americans out of work and help distressed industries, as early as Tuesday.

The Dow gained almost 11.4%, the most since 1933.

Germany's 10-year yield climbed one basis point to -0.31 per cent.

"We still need to see a slowing of the virus cases and a peaking in the U.S.", Carol Pepper, chief executive officer at Pepper International, told Bloomberg TV.

Senate Majority Leader Mitch McConnell, R-K.Y., described the legislation as "a wartime level of investment in our nation".

Inslee orders Washingtonians to stay at home to prevent COVID-19 spread
Until now, state officials have largely leaned on what might be considered an honor system to uphold social distancing measures. For most people, the coronavirus causes only mild or moderate symptoms, such as fever and cough, and the vast majority recover.

It will also include $350 billion for small-business loans, $250 billion for expanded unemployment aid and at least $100 billion for hospitals and related health systems.

"We still haven't seen evidence that things are improving in terms of contagion (and) also haven't fully appreciated how far this recession will go".

Democratic Senate Minority Leader Chuck Schumer said: "This is not a moment of celebration but one of necessity". "Because until then we'll have these huge relief-rally days - then we'll get a scary day and the market will plunge down again". With his re-election chances likely to be defined by a recovery from the crisis, President Donald Trump on Tuesday called for the economy to be restarted by April 12 - but market analysts have their doubts about that timetable.

The number of known infections has leaped past 450,000 people worldwide, and more than 20,000 have died, according to Johns Hopkins University.

MSCI's gauge of stocks across the globe surged 2.65% and emerging market stocks rose 4.32%.

New orders for key USA -made capital goods fell sharply in February as demand for machinery and other products slumped, suggesting a deepening contraction in business investment. Asia, Japan's Nikkei 225 jumped 8 percent, South Korea's Kospi rose 5.9% and the Hang Seng in Hong Kong gained 3.8 percent.

Gold declined 1.4 per cent to US$1,610.08 an ounce.

The dollar index fell 0.216%, with the euro up 0.44% to $1.0834.

In other trading, USA crude oil gained 38 cents to $24.39 per barrel in electronic trading on the New York Mercantile Exchange.

Related News:



Most liked

Coronavirus France: Lockdown is 'likely' to last SIX WEEKS
The head of the public health service Jérôme Salomon added later that France would soon be able to carry out 10,000 tests a day. France has enacted some of the strictest lockdown measures in Europe, barring people from leaving their homes for fifteen days.

United States records first known child death from coronavirus
While most people and businesses were obeying the orders, there were hints that authorities were losing patience with scofflaws. Newsom reaffirmed he wants to continue using social pressure, not police enforcement, to get people to maintain safe spacing.

Waste recycling centres close in North Yorkshire
Waste recycling centres have been closed and people are being urged not to create extra waste by carrying out DIY at their homes. However, due to staff shortages, the council is warning that it may need to suspend some services at short notice.

Oil Prices Up on Drop in Supply
The US Congress may vote on Wednesday on the $2 trillion stimulus package which boosted stock markets on Tuesday. West Texas Intermediate (WTI) crude futures rose 55 cents, or 2.3%, to $24.56 a barrel, a 2.3% gain.

Total number of confirmed coronavirus cases rise to 390: ICMR
Walmart Inc's Flipkart has suspended services, the Indian e-commerce firm said in a notice on its website as the lockdown began. PM Modi chaired the meeting where he was flanked by ministers who all kept a safe distance from each other as well as him.

Idris Elba’s wife Sabrina Dhowre Elba diagnosed positive with coronavirus
"Like millions of people all over the world, I've been staying safer at home for over a week now". Elba has Recently tested positive for COVID-19 and remains in self-isolation with his family.

Spain seeks North Atlantic Treaty Organisation help as virus death toll touches 2700 — Humanitarian assistance
Meanwhile, Madrid took over the public Palacio de Hielo ice skating rink after the morgue in the hard-hit capital city overflowed. Still, Harris said the scope of the global outbreak was "enormous" and that cases were expected to increase "considerably".

'Safer at Home' initiative does not close essential businesses
That's why issuing a [safer at home] order isn't something I thought we'd have to do, and it's not something I take lightly. Governor Tony Evers is asking Wisconsin residents to stay at home to help stop the spread of COVID-19.

Boris Johnson announces three week lockdown in bid to stop coronavirus spread
In Scotland Nicola Sturgeon, the Scottish First Minister, announced that building sites and hairdressers' shops should close. There were growing calls for the government to impose tighter restrictions with more rigorous enforcement.

New York Faces A Desperate Situation As COVID-19 Cases Top 25000
In preparation for the increase, several field hospitals are being set up in several New York City boroughs and the suburbs. The number of confirmed coronavirus cases in MI have continued to rise, jumping from 549 on Friday to 1,328 by Monday.

Coronavirus cases hit 386,406 globally, death toll reaches 16,747
He said health workers can only do their jobs effectively when they can do their jobs safely. They're people, whose lives and families have been turned upside down.

Trudeau warns of further restrictions if Canadians don’t stay home
When asked if the government meant to impose mandatory quarantine measures, Trudeau said the move had not been ruled out. Parliament is also being recalled on Tuesday to pass legislation related to COVID-19.

SBA implements automatic deferment on existing disaster loans through end of 2020
Several states have already aligned their tax filing and payment deadlines with the new federal deadline. Last Tuesday, Governor DeSantis activated the Florida Small Business Emergency Bridge Loan program .

Fed president: Unemployment might reach 30%, surpassing Great Depression levels
Similar massive falls in the so-called Purchasing Managers Index (PMI) were also largely ignored by investors in other countries. The New York Fed will lend to a "special objective vehicle", which will then buy bonds and issue loans to companies.

Disney+ expands its presence in Europe with 7 new markets
Its library is full of hit titles from Disney, Pixar, Marvel, all the Star Wars franchise, and National Geographic. Seven is the operative number here, it seems: it's the largest multi-country launch so far for the service.