Synergy Capital Asset Management: U.S Stocks rallies as COVID19 confirmed cases rises
As United States tops the most case of Covid19 around the world for about 85,000+ confirmed cases, but that didn't stop major indexes in the U.S. market to ascend for about half of what they have loss for the past months.
Three of the major U.S. stocks soar up. Dow Jones Industrial Average leapt by 6.4%, S&P 500 index is up by 6.2% while Nasdaq composite gained 5.6%. For three straight days, Dow Jones and S&P 500 rallied up after failing again and again this past few weeks. The positive output of the stock market is because the Senate has approved 96-0 Wednesday night the $2.2 trillion coronavirus (Covid19) stimulus bill, which made House members scramble to get back to Washington for a Friday vote. A roll call vote demands majority of members to be physically present in the assembly hall.
Amazon is also up by 3.7% to 1,955.49 closed to 2,186.05 buying point. Alibaba on the other hand rose back to 231.24 buy point.
As for oil price, Brent crude was up 0.8% at $26.19 a barrel, U.S. crude was 1.9%, at $22.73 per barrel while West Texas Intermediate (WTI) crude was down 0.7%, at $22.48 per barrel. Despite of the scare 'cause by the coronavirus which made most of the people around the world under lockdown, demands for oil is still on pace. There may be a possibility that demands will drop by 20-30% on the coming days International Energy Agency together with Saudi Arabia will stand help to stabilize oil markets.
Investors must take precautionary measures and not be overwhelmed by the sudden bounce in the stock market today. Technical analysts are still on the lookout of a possible economic fall down globally. What everyone must focus now is the fight against an invincible enemy which is making our daily life impaired.
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