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Dow Jones Closes With Record Points Gain In Market Bounce – Deadline
UPDATED with the best media winners: The relief was palpable on the New York Stock Exchange Monday – even through television – as applause and applause rocked the trading floor at close with the biggest day gain from the Dow Jones Industrial Average , a glimmer of optimism after fears of coronavirus rocked the markets last week.
The market had jumped in the morning and remained in positive territory throughout the session – a welcome increase after prolonged losses which made the worst since the 2008 financial crisis last week. After rebounding a bit, still in territory positive, a rally at the end of the session this afternoon increased it by 1,293 points, or 5.09%.
The increase was attributed to the expectation that the Federal Reserve is ready to cut key rates to stimulate the economy – perhaps 50 basis points at its next meeting in March. The Bank of Japan has expressed its desire to stabilize the markets with sufficient liquidity if necessary. US Secretary of the Treasury Steven Mnuchin and Federal Reserve Chairman Jerome Powell will call Tuesday with finance ministers and central bankers from G7 countries to discuss. Market players like the idea of some sort of coordinated intervention.
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Coronavirus: list of Hollywood and media events canceled or postponed
Gains were recorded Monday despite news that coronavirus infections are on the rise, albeit still minimal, in the U.S. Six people have died in Washington state and new cases have been identified in Rhode Island and New York. In China, the infection rate seems to be slowing and production is coming back online. Apple, heavily exposed to Chinese production, saw its stock increase by almost 7%.
The sectors were mostly all higher, including media and entertainment, where Twitter and AT&T were the main winners, both up about 4.4% just before the close; Comcast, up 3%; Sony, up 2.8%; Fox, up 2.3%; Netflix, up 1.9%; and Amazon, up 1.6%.
Experts are naturally hesitant about whether today's gains are repeatable and warn that the situation and the markets remain very volatile with entire sectors and global growth threatened. Flights are canceled and schools, cinemas, stadiums, concert halls and all public places in various cities around the world have closed. Major conferences have been postponed. The mighty Louvre in France was closed for the second time on Monday due to fears of coronavirus.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
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