· Wall Street rallies on hopeful coronavirus signs, healthcare lift
U.S. stock markets jumped on Wednesday on hopeful signs about the coronavirus outbreak in the United States was close to a peak, with health insurers getting an additional lift from Bernie Sanders’ decision to suspend his presidential campaign.
The Dow Jones Industrial Average .DJI rose 779.71 points, or 3.44%, to 23,433.57, the S&P 500 .SPX gained 90.57 points, or 3.41%, to 2,749.98 and the Nasdaq Composite .IXIC added 203.64 points, or 2.58%, to8,090.90.
Stocks opened higher after President Donald Trump said Americans might be getting to the top of the “curve” in relation to the outbreak. New York Governor Andrew Cuomo said the state’s efforts at social distancing were working in getting the virus under control in one of the biggest hotspots in the country.
“The key focus of ‘peak.’ That seems to be on every investor’s mind right now is when will coronavirus cases peak,” said Eric Freedman, chief investment officer at U.S. Bank Wealth Management in North Carolina.
“At some point the economic considerations really start to materialize. Plus, what will that transmission mechanism be for the economy, meaning in what phase will the economy be restarted.”
· European markets close lower as hopes for imminent coronavirus recovery fade
European markets closed lower Wednesday as optimism over an imminent recovery from the coronavirus started to fade.
The pan-European Stoxx 600 closed down almost 0.2% provisionally, with oil and gas stocks shedding 1.4% to lead losses, while the travel and leisure sector gained 3%.
Global markets continue to seesaw on hopes and fears over the direction that the coronavirus pandemic is taking. There was optimism that the virus could begin to slow its spread, but an end to the outbreak appears to be some way off.
· Asia Pacific shares mixed as investors await US initial jobless claims data
Stocks in Asia Pacific were mixed in Thursday morning trade ahead of the release of the U.S. unemployment claims report.
Over in South Korea, the Kospi jumped 1.48% as shares of automaker Hyundai Motor soared nearly 6% while the Kosdaq index gained 1.43%.
Shares in Australia also advanced, with the S&P/ASX 200 gaining 1.24%.
Japan’s Nikkei 225, on the other hand, slipped 0.23%. The Topix index also declined 0.8%.
Overall, the MSCI Asia ex-Japan index traded 0.7% higher.
On the economic data front, the U.S. unemployment claims report for the week ended April 4 is set to be out at 8:30 a.m. ET Thursday, with more than five million expected to have filed for unemployment last week as the country continues to grapple with the coronavirus pandemic.
Reference: CNBC, Reuters
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