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Stocks - Wall Street Climbs on Economic Restart Hopes

Published 04/14/2020, 09:23 AM
Updated 04/14/2020, 11:42 AM
© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stocks rose Tuesday, with hopes for a quick restart to the U.S. economy defying another barrage of bad news and gloomy forecasts on the Covid-19 front. 

By 11:40 AM ET (1540 GMT), the Dow Jones Industrial Average was up 430 points or 1.8%. The S&P 500 was up 2.2% and the Nasdaq Composite was up 2.9%. 

The move came on the back of another bullish briefing by President Donald Trump on Monday, who amped up the pressure on state governors to ensure that state-wide lockdowns don't drag on through the summer. 

However, the news from the economy itself continued to be bad. The International Monetary Fund predicted the worst global recession since the 1930s, including a 5.9% drop in gross domestic product for the U.S.

Two of the country's biggest banks, meanwhile, reported big jumps in provisions against bad loans as they kicked off the first-quarter earnings season, JPMorgan (NYSE:JPM) booking $6.8 billion in provisions and Wells Fargo (NYSE:WFC) booking $4 billion. JPMorgan CEO Jamie Dimon warned that provisions could rise further in the coming quarters. 

JPMorgan stock fell 3.2% while Wells Fargo stock lost 4.9%. 

Among the winners was Amazon.com (NASDAQ:AMZN), whose stock rose 3.9%, setting a new all-time high on hopes that it had removed a bottleneck that had stopped it maximizing sales in the early days of the U.S. lockdowns. The company said it will relax restrictions on shipping non-essential goods on Monday.

Latest comments

The rest of the world can see what Trump is. Why can't America. He is destroying your once great nation. It is sad so many will die before his followers see him for what he is. Defending and agreeing with his actions puts you in the same category as him.
For Amazon n Apple to go up, people still need money, all the money is with Banks, if they dont lend people cant buy, hence buy banks. Good ones. Without them nothing will grow.
this entire corona thing is a ploy by the dems to remove our president from the office! in the meantime big pharma trying to get every last dollar from our pockets!
check yourself fool
there is at least some truth to that.
at least your name makes sense...
people don't even wear masks during flu season, which kills millions! why should everyone be jailed at home???
Because of people like You
119686 death in just 3-4month and with lock down whole world. Leave everything open. Airports, buses, public transport, festivals etc. etc. in whole world and without vakcine . And You will have few millions death without daubt. And because in that scenario collaps in medical system will not be possible to avoid. Nobody has such a many ventilators. You do not understand this virus. Even in this moment with quaranten global death is even more than 5%, and flu? 0.5%, 1%? So covid is 5 times deadliest. And unfortunately thia is just beggining of virus and after pandemic You will see destroyed economy globaly
 Covid-19 is worse than the flu , 4 points for you  - #1 RO number ( how many people will be infected by disease ) 1.3 for flu vs 2.5 for covid-19.    #2. Incubation time (  time from exposure to symptom ) -  1-4 days for flu vs 1-14 days for covid-19   #3 Hospitalization rate -  2% for flu vs 19% for covid-19   #4 fatality rate -  0.1% for flu vs 1-3% for covid-19.   Here no. of deaths you reported for covid-19 is not for full year and that too with social distancing in place so saying that all this is political so is grossly wrong.
Trump to continue tariff war with China
Wait till all of you millennials see you 20% down day. When oil is crashing like this the algorithms are just about to turn on flip a switch and take this market down. It’s comical watching this. It reminds me of Tesla’s parabolic run at the end of the rally. This is the end of the bear market bounce
Helpless people are dyi'ng, all for what? For me-me-me presidents?
Donny Boy failed at containing Covid-19 and personally destroyed the US economy in the process. Why would anyone want to entrust him with knowing when to open things back up? Donny Boy has botched everything he’s ever touched —- including Stormy Daniels.
most of country never should have closed to begin with.
This whole lockdown is to shield the lives of senior Americans and people who you love. Why on God's name can't your president honor what matter more to the American public (the lives of their loved ones) than the money of those wealthy who have more than they need, the 2%?
Goes to show Trump cares more for money than lives, especially when prudent scientist in countries around the world have their economies in continued lockdown. This virus is 1,000x more contagious than SARS. We all will know people who got infected by the time next year rolls around. But, No! Trump needs to feed his ego for re-election hopes. Shrug my shoulders as long as Trump has voters I guess Americans know what they want in the end.
so market is pumping near all time highs even when global economy has been halted and many businesses closed for months? we have been putting WAY too much effort into life. why dont we just keep all businesses closed forever and let the fed keep printing money and pumping the stock market? seems that businesses being open and making money is optional with the current fed policies to pump the market. who really cares about productivity and profits anymore, that it so pre-Federal Reserve.
Not really near all time high...
 They are trading higher that January 2019.  That should let you know how overvalued this market is.
when the market goes up you are losing USD value. team trump is printing dollars to purchases stocks. it's never been so obvious the economy is controlled by the government and not people. supply and demand is a joke when banks are up after a worse then expected quarter.
All despair disquised as "HOPE" Wait for the 1930 being revisited after you all foolishly burn out all your cash!
Just Dow Jones can reach 50,000 pts, but in reality the whole economy is collapsed.
So many little snowflakes melting. Stop blaming Trump because you cant trade. Ask daddy for even more money to lose. Keep telling everyone you trade for a living. LOL losers.
Since stock doesn’t have anymore any connection to economy, please tell me Your secret and all about parameters You use. For me it is hard to understand some unrealistic reason for market to go up so please help me.
It sounds like Midway is taking out his anger through progression.
Well, I see the “beautiful” oil deal that Donny Boy said he helped broker has resulted in severely depressed oil prices. And to think he bent over backwards at his virus briefing to thank the dictator Saudi Crown Prince and dictator Putin for their cooperation. Now Donny Boy will spend the next two days saying he had nothing to do with this agreement. Face it folks, Donny Boy botches absolutely everything he touches. He has failed us with his late response to Covid -19 and ruined the US economy in the process.
Come down ! Becase its bear market
The market is controlled by highly opportunistic organisations who will do anything to make money by taking reverse position of that taken by public. so they don't care anything about economy or news. they take up the market forcing retailers to close positions with loss. then they create their positions and then strike back. they are ruthless
Exactly
I can't understand this idea. please clarify
Yup the are the one create the candle
Ugh, I was too bearish, I got caught holding too much cash!
Don't worry.  Crash #2 should be coming soon.  THis market makes n o sense
We could still potentially re-test the March 23 low, but it's looking more and more like the worst case scenario has been priced in already
Crazy People ... Why and how markets are rising in this pandemic
Simple...we're known about this since February, the absolute worst-case scenario has been fully baked in, any good news, no matter how small it may be, causing stocks to go up.
Worst case is China manufacturing halted, and the US trying to revamp its JIT delivery system/build local markets. that is not baked in.
Unbelievable, how the stock market is still up. The fed dominatly overshadows most if not all sectors. If we're playing that game, why not just give every man, woman, and child a fresh start? Otherwise we're just pumping and hoping.
The worse case scenario is fully baked in already, so any good news, no matter how small it may be, is causing stocks to rise. The worst case possibility has been known since Feb., and bears were quick to bake it in.
🤣🤣if you bought before 15:44 it's lit🔥🔥
haha, crybabies that sold at market bottom
You will cry too, trust me
Even you are so genius making profit in recent market, you don't have to say that disgusting words to others
Smithers, release the hounds
AMZN even worse now than last friday. 200month avg went from 23% to 20.9% of currenr stock price. please let it hit 20% of current stock price so the whole world shorts it into Q2.
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