02 de junio de 2020
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Wall Street rebounds, Dow Jones gains 7.7 pct. amid optimism on pandemic peak

New York, Apr 6 (efe-epa).- Wall Street rocketed upwards on Monday in the last few minutes of trading and closed with a strong 7.73 percent gain in its main indicator, the Dow Jones Industrial Average, the upward momentum resulting from optimism among investors regarding the effectiveness of the methods being used to contain the coronavirus pandemic in the United States and the possibility that the disease is approaching its "peak" here.

 Floor traders work on the New York Stock Exchange. EFE-EPA/Justin Lane/File

Floor traders work on the New York Stock Exchange. EFE-EPA/Justin Lane/File

New York, Apr 6 (efe-epa).- Wall Street rocketed upwards on Monday in the last few minutes of trading and closed with a strong 7.73 percent gain in its main indicator, the Dow Jones Industrial Average, the upward momentum resulting from optimism among investors regarding the effectiveness of the methods being used to contain the coronavirus pandemic in the United States and the possibility that the disease is approaching its "peak" here.

Monday's trading action resulted in the third-largest Dow Jones point move in history after the 11.37 percent rise on March 24, 2020, and the 9.36 percent jump on March 13, 2020.

At the close of trading on the New York Stock Exchange, the Dow Jones had gained 1,627.46 points, positioning itself at 22,679.99, while the S&P500 gained 7.03 percent, or 175.03 points, and closed at 2,663.68 and the Nasdaq Composite Index, which includes the most important technology firms, rose 7.33 percent, or 540.16 points, closing at 7,913.24.

Wall Street experienced a positive day that analysts attributed to the change in tone at the White House press conferences on the Covid-19 pandemic and recent indications that the increase in the number of cases - and deaths resulting from the virus - may be slowing, which may be evidence that the disease is stabilizing in the US, where more than 350,000 confirmed cases have been registered, and in New York state, the epicenter for the outbreak in this country with more than 130,000 cases.

Although the public will have to wait some days more to see whether the upward trend is truly slowing or even beginning to plateau, the numbers of infections and deaths from Covid-19 in New York on Monday were giving signs that those curves were beginning to "flatten" for the second consecutive day, a situation that - in the opinion of the authorities - might indicate that the disease has reached its apex, at least in New York state.

Analysts at the Jefferies Group, an investment bank, said in a statement that reaching the peak in the rate of increase in new Covid-19 cases constitutes evidence that the measures being taken to suppress the spread of the virus are working and will be followed by a relaxation in the containment measures that will lead to a resurgence in the economy, noting that investors prefer certainty over unpredictability.

In that regard, however, traders already know that this will be a very "tough" week, with President Donald Trump asserting at his Sunday coronavirus press conference that this week will "probably (be) the toughest week between this week and next week, and there will be a lot of death," a forecast and warning echoed by other top officials working on the Coronavirus Task Force.

In addition, however, figures on the pandemic from Europe indicate that the rate of increase in the number of cases in key countries there seems to be slowing, suggesting that social distancing measures and self-isolation instructions, along with the paralysis of most economic activities, are working to slow the spread of the virus.

The gains on Wall Street can also be explained, according to experts, by the hope that soon an agreement will be concluded between Saudi Arabia and Russia over their oil price war that will stabilize petroleum prices, although in recent days significant tensions have erupted between the two oil-producing nations.

Among the 30 companies included in the Dow Jones, Boeing shares advanced by 19.47 percent and Raytheon Technologies (the new name for United Technologies after the merger of the two firms) by 14.98 percent, while American Express rose by 13.95 percent.

By sectors, the biggest gains were realized by the tech sector (8.78 percent), public services (7.85 percent and non-durable goods (7.73 percent).

In other markets, West Texas Intermediate Crude fell by 7.97 percent in price to close at $26.08 per barrel over uncertainty regarding a possible cut in world production to stabilize prices.

At the close of the session, gold had risen to $1,706.40 per ounce, the 10-year Treasury Bond was quoted at 0.673 percent and the US dollar had gained ground against the euro with the European currency closing at $1.0972.

EFE

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