The opening hour of Monday brought back a huge smile on the faces of the investors in Wall Street. The latest data from US health departments showed a decline in new cases of Coronavirus in New York. Being one of the hardest-hit cities in the world, this is a step towards fighting back the pandemic. The cheer resonated among the investors as the stats from the opening hour of Wall Street points out:
- The Dow Jones rose more than 1100 points in the opening hour on Monday.
- The broader S&P 500 Index posted gains of 127 points and stands at 2616.
- The Tech rich NASDAQ is up by almost 5%.
Drivers that attributed to the Monday gains in the US benchmark stock Indexes:
- Data reveals that the number of new cases is on a decline in some countries. This includes two of the hardest-hit countries, such as Italy and Spain. Both of these countries reported the fewest number of deaths in weeks.
- Donald Trump’s initial announcement regarding a production cut of Crude Oil had no affirmation by either Russia or Saudi Arabia. However, over the weekend, Russia’s sovereign wealth fund’s chief indicated that a deal to cut production is on the menu.
- Oil prices soared up, thereby trimming down its previous losses.
Let us look at the biggest winners in the Dow Jones:
- The Credit Card company, American Express, is the highest gainer. It rose 10.8% and is currently at $82.
- Raytheon Technologies gained 10.59% and is at $55.15.
- Aircraft Company, Boeing rose by 9.29% and is trading at $136.10.
Highest gainers of the S&P 500 are:
- Capri Holdings rose by 18.78% and is currently at $10.12.
- Carnival Corp. has been the most actively traded stock currently. It has gained 18.61% since today’s open and is trading at $10.07.
The benchmark banking index or the S&P 500 banking index is currently much above its past few weeks average. Major banks including Bank of America, Citigroup, Wells Fargo have posted decent gains.
However, the situation pertaining to the pandemic is not yet under control. New York did show a fall in new cases, but the fact of the matter remains that it is just day 1 of a decline. A lot of patients are undergoing treatment, with many others being kept under strict vigilance.
Many countries are still experiencing a massive number of deaths every single day. The fact that a proper vaccine hasn’t yet been found to fight the virus is a major cause of concern.
