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Elite Capital International: Stock Market Rallying; Nasdaq surges by 4% but Oil prices fell
It maybe so that the coronavirus pandemic is taking its toll on our global economy, still investors are positive that the outbreak will not bring down their earnings together with it.
Stocks in the U.S. market rallied big time late this Tuesday, April 14, 2020. Notably seen is Nasdaq which leads the greenish market today.
Nasdaq Composite closed its price index by almost 4% as its fourth straight positive day for the first time since Feb 6 and its 4-day win streak, it literally bounced back more than 20% from its last low from March 2020. The Dow Industrial Average finished 2.4% or 559 points higher while S&P 500 closed up 3.1%.
Bond however fell. The yield on 10-year Treasuries fell two basis points to 0.75%.
AS for commodities, Gold also fell by 0.5% to $1,753.40 per ounce. Oil prices are also down by at least 10% which means that the OPEC+ successful meeting did not bounce positively on its market value. The dip came after Railroad Commission of Texas put up an open meeting so to discuss a possible cut on output cost for the state.
West Texas Intermediate (WTI) crude fell by -10.26% to $20.11 per barrel, while, Brent crude is down by -6.74% to $29.60 per barrel.
Currencies rose also today together with the stocks. U.S. Dollar Index (DXY) is up by .48% to 98.90. Euro increased 0.7% to $1.0986 while Japanese yen appreciated by 0.6% to 107.15 per dollar.
Coronavirus confirm cases keeps getting higher as days passed by. In the US of A the number of confirm cases is up by 614,246 as of this writing with almost 26,064 deaths, which is shaking the government to move faster in controlling the pandemic. But everyone is optimist that a vaccine will be made soon that will stop this dreadful situation we are all in.
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