Stocks around the world rallied on Friday as investors latched onto strands of hope about progress in the fight against the coronavirus.
The stock market tries to set prices now for where corporate profits and business conditions will be months in the future, and some investors are focusing on the possibility that parts of the economy could reopen, even if it’s not imminent, rather than on the current dismal data. The S&P 500 is on pace for its first back-to-back weekly gain since the market began to sell off in February.
“There's the opportunity for a big letdown when we get back to work that things aren’t humming immediately,” Kinahan said.– A news report cited early progress in a drug candidate for the virus. Analysts cautioned that the encouraging data was only anecdotal, and they were hesitant to put too much stock in it.
Together, the developments helped lift the S&P 500 by 1.8 percent, as of 1:45 pm Eastern time. Earlier in the day, the index bounced between gains of 2.2 percent and 1.1 percent. “There’s still a great deal we don't know, and thus we hesitate to put too much into the results generated at a single center without a control group,” analysts at JP Morgan wrote in a report. “That said, we’re not overly surprised by the sharp after hours move higher given the amount of hope the market are putting into these types of countermeasures.”
But the S&P 500 is still down roughly 16 percent from the record set in February as numbers roll in and show the cataclysmic damage being done to the economy. Roughly 22 million US workers have lost their jobs in the last month as businesses shut down. Banks are bracing for consumers and businesses to default on billions of dollars in loans, and no one can say for sure when the economy will get back to anything approximating “normal.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks Rally, Dow Jumps 600 Points On News Of Gilead’s Possible Coronavirus TreatmentThe major indexes were up nearly 3% at the open. Next monday, Dow plunges 700 points as treatment is not possible and only works with bats. 📉
Source: Forbes - 🏆 394. / 53 Read more »
Stocks Rally, Dow Jumps 600 Points On News Of Gilead’s Possible Coronavirus TreatmentThe stock market jumped today as investors became more optimistic about the coronavirus outlook, amid news overnight that Gilead Sciences’ COVID-19 treatment was showing signs of success in clinical trials with patients by skleb1234 skleb1234 Talk about ☕️ on 🔥!! 😎 skleb1234 The stock market aka “the Casino”, it’s only the FII’s who are profiteering from this volatility. Sad that SEBI_India doesn’t seem to be able to stop this. The retail investor is the one with the last tulip dutchtulip history skleb1234
Source: Forbes - 🏆 394. / 53 Read more »
Stocks Fall, Dow Tumbles 400 Points After Retail Collapse And Weak Bank EarningsThe stock market slumped today, threatening to erase its gains from earlier this week after a record plunge in retail sales and weak bank earnings by skleb1234 skleb1234 It's all propped up on bullshit.there is no GDP skleb1234 What is Hydroxychloroquine ? How does it work a against COVID19 coronavirus skleb1234 GretaLWall like I said.....2 days 😂
Source: Forbes - 🏆 394. / 53 Read more »
Stocks Rally, Pointing to Second Week of Gains for U.S. IndexesThe Dow and S&P 500 rose about 2%, setting up U.S. stocks for a second straight week of gains. The market was buoyed by optimism that parts of the American economy may begin reopening in coming days. This is silly. back to normal finally
Source: WSJ - 🏆 98. / 63 Read more »
Stocks rally at the openUS stocks open sharply higher as investors get excited about a potential coronavirus drug and the reopening of the US economy They are saying the virus came from China. How was it transmitted all over the world? No place has gone untouched. Was it set off somehow in the atmosphere? Wall Street set look to rise on the open , with Dow futures up 3.3% and those for the S&P 500 rising 3%. ShirleySharona2 People will die in order to appease trumps ego
Source: cnnbrk - 🏆 393. / 55 Read more »
Dow turns lower at the open as Boeing weighs, but tech stocks jump as investors digest 5.25 million jobless claimsU.S. stocks opened mostly higher this morning, with tech shares rallying, after weekly jobless claims data showed applications for the newly unemployed hit 5.25 million, surging to a total of 21 million over the past month. While these stocks rally, here are 3 stocks you should buy: Why the hell would it SURGE after those unemployment numbers? Someone please explain. Stock market casino! What if I told you that the global economy was pronounced brain dead in 2008 and has been on life support since?
Source: MarketWatch - 🏆 3. / 97 Read more »