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Wall St jumps 2pc on hopes of lockdown easing; JPMorgan kicks off earnings | Malay Mail

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APRIL 14 — Wall Street rose more than 2 per cent today on signs some economies would ease strict coronavirus-induced lockdowns, with investors also looking at quarterly earnings from JPMorgan and Johnson & Johnson for clues on the business hit from the outbreak. Early gains were broad based...

Tuesday, 14 Apr 2020 11:12 PM MYT

Early gains were broad based with a 4.3 per cent jump for Apple Inc powering a 3 per cent rise in the tech-heavy Nasdaq as data showed iPhone shipments to China rebounded slightly in March after crashing in February. Profits at JPMorgan Chase & Co and Wells Fargo & Co plunged in the first quarter, as both banks set aside billions of dollars to cover potential loan-losses from the pandemic.

“It should come as no surprise that earnings are going to be hit very hard in 2020,” said Fiona O’Neill, deputy head of equities research at Fidelity International in London. President Donald Trump said late yesterday his administration was close to completing a plan to re-open the economy, but some state governors said the decision to re-start businesses lies with them.

 

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