The stock market looks set for another volatile day of trading after opening slightly higher on Wednesday, as Wall Street continues to digest new data about the coronavirus pandemic and whether the number of new cases is slowing.
At Wednesday’s open, the Dow Jones industrial average gained 1.1%, around 250 points, while the S&P 500 rose 1.1% and the Nasdaq Composite was up 1.2%.As of Wednesday, the U.S. now has nearly 400,000 confirmed cases of coronavirus, according to Johns Hopkins University data. Global cases have topped 1.4 million.
Some Wall Street investors are increasingly optimistic that the economy can eventually recover, pointing to a decline in the number of daily new cases since last week.against undue optimism, since the coronavirus will continue to have a negative impact—especially on upcoming first quarter earnings—for the foreseeable future.
“We are still in the early innings of downward EPS revisions,” Lori Calvasina, head of U.S. equities for RBC Capital Markets, wrote in a recent note. “Further downward revisions could keep equity market conditions choppy,” she cautions.Oil prices, which have been hit by an ongoing price war, also moved slightly higher on Wednesday, rising over 2% the day before OPEC+ is set to hold a virtual meeting to discuss potential production cuts.
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CONGRESS NEEDS MORE THAN SUBPOENA POWER PRIOR TO DISBURSING OR APPROVING MORE MONEY!
Investors are not grappling!! Stupid folks are buying airline and cruise ship stocks, effectively giving smart people their last pennies too!!! Lots of idiots still believe economy will come back quickly
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