Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Hopes of coronavirus slowdown lift Wall Street

CoronavirusApr 07, 2020 03:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Nearly deserted Wall Street and steps of Federal Hall in lower Manhattan during outbreak of coronavirus disease (COVID-19) in New York

By Chuck Mikolajczak

NEW YORK (Reuters) - Wall Street rose on Tuesday on tentative early signs that coronavirus outbreaks in some of the biggest U.S. hot spots may be plateauing, with New York's governor saying social distancing measures to curb the spread of the virus were working.

The S&P 500 was poised for its biggest two-day gain in nearly two weeks, adding to a 7% jump on Monday, after health officials said the pandemic may kill fewer Americans than indicated in recent projections. Governor Andrew Cuomo said New York, the epicenter of the virus in the United States, was nearing a plateau in the number of patients hospitalized.

Energy, materials and financials were the best performing sectors, with an aggressive round of U.S. fiscal and monetary stimulus in the past month helping to boost risk appetite.

Still, major averages had come off earlier highs as investors braced for worsening economic data and corporate earnings while a decline in oil prices steepened.

"Everybody is trying to figure out the same question - is the market ahead of the data and the science," said Keith Buchanan, portfolio manager at GLOBALT in Atlanta.

"What we are grappling with is the economic damage and the mitigation from a federal monetary and fiscal standpoint."

The Dow Jones Industrial Average rose 230.56 points, or 1.02%, to 22,910.55, the S&P 500 gained 21.47 points, or 0.81%, to 2,685.15 and the Nasdaq Composite added 24.20 points, or 0.31%, to 7,937.44.

The S&P 500 is up about 23% from its March 23 intraday low, but remains about 20% below its mid-February record high as methods designed to contain the virus quashed demand across a swath of industries such as airlines, automakers and hotels.

Wall Street's fear gauge has steadily retreated from 12-year peaks in recent days, but volatility is expected to remain elevated as companies prepare to report an expected slide in first-quarter earnings and outline more drastic plans to bolster cash reserves.

Analysts now expect first-quarter earnings for S&P 500 firms to fall 6.4% compared to a Jan. 1 forecast for a rise of 6.3%.

Exxon Mobil (NYSE:XOM) throttled back a multi-year investment spree in shale, LNG and deep water oil production, saying it would cut planned capital spending this year by 30% as the pandemic saps energy demand.

Oilfield services firm Halliburton (NYSE:HAL) Co said it would cut about 350 jobs in Oklahoma and that its executives would reduce their salaries.

Exxon shares climbed 2.84% and Halliburton rose 1.64%, helping the energy sector move higher even as crude prices fell.

Norwegian Cruise Line, Royal Caribbean and Carnival (NYSE:CCL) Corp, among the most beaten down stocks this year due to a near halt in global tourism, each rose by at least 6%.

Advancing issues outnumbered declining ones on the NYSE by a 3.41-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored advancers.

The S&P 500 posted 4 new 52-week highs and no new lows; the Nasdaq Composite recorded 9 new highs and 15 new lows.

Hopes of coronavirus slowdown lift Wall Street
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (7)
ten lee
ten lee Apr 07, 2020 11:35AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
New York's death toll high today... Deflattening? How can people make conclusion so fast...
John Doe
John Doe Apr 07, 2020 8:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
250 /NQ puts since 7800 and I am out here popping champagne. What's about to happen will make the Great Depression feel like a Disney Cruise.
Eugene Debs
Eugene Debs Apr 07, 2020 8:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
celebrating losses....strange. dont count your chickens before they hatch
Green Mango
Green Mango Apr 07, 2020 8:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Standing in front of this Govt spending binge to crank the economy back up is not wise.  But at least it's options
Bill Hoerter
Bill Hoerter Apr 07, 2020 8:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Oops.. Never brag. Wall street giveth and then taketh away!
Fati Azaoui
Fati Azaoui Apr 07, 2020 7:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
i dont see any slowdown
kuldeep kumar
kuldeep kumar Apr 07, 2020 7:17AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
today market will up 10%
Gregory Bent
mrbigley Apr 07, 2020 7:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The market didn't fall on Economic Numbers, it fell on Covid #
ty cebi
ty cebi Apr 07, 2020 7:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
under control very funny. just a month ago it was 100k now 1.4 million. this is just started you loosers.
Fabio falec
falec Apr 07, 2020 7:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This market moves much faster than you mate!
Fabio falec
falec Apr 07, 2020 7:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It's not about the number of deaths or whatsoever. It's just about at the economic efforts deployed to fight this, and the devaluation reached.
Tre Hsi
Tre Hsi Apr 07, 2020 6:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
President Trump already said he has this foreign virus hoax under control, I don't know why the liberal leftist stock market traders don't believe our great president.....
Pavan Vulli
Pavan Vulli Apr 07, 2020 6:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes sir just like he said its going to disaapear like a miracle from 15 cases ro zero.
Kevin Co
Kevin Co Apr 07, 2020 6:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pavan Vulli if you people learned how to make money in the market you wouldn't complain about our president so much
Eugene Debs
Eugene Debs Apr 07, 2020 6:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Kevin Co    Trumps followers have been particularly hard hit following his flawed guidance.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email