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Reliance Trading Co. Limited:How is U.S. Stock Market on Tuesday, Oil price all fired up
The coronavirus pandemic might hurt the world's economy, however, people are surviving to cope up.
By: Reliance Trading Co. Limited
From depressing news of bankruptcies to millions of unemployment reports, the novel coronavirus or covid-19 indeed made a great impact in everyone's life, but, there are those who excelled in this crisis, affected yes, but thriving.
Facebook (FB), Netflix and Amazon (AMZN) have all hit record highs in recent days. Apple and Google owner 'Alphabet' (GOOGL) aren't far behind.
- FB is up by +13% this year.
- AMZN's strengthened by +31.06 year to date
- GOOGL rise up by +0.58% today
These tech giants made a great impact to the economy under crisis pressure. Following record highs are the NYSE FANG+ index, also home to the likes of Tesla (TSLA), Twitter, Nvidia (NVDA) and Alibaba. Compared to the 7% decline of S&P500, the FANG+ index has surged 24% this year.
The sudden surge on tech index just means that the pandemic didn't crashed peoples usual resources but it only increases humanities dependency on technology.
Posting below are the current state of some major U.S. Stocks.
- The Dow Jones Industrial Average closed up 530 points, or 2.2%.
- The S&P 500 Index added 1.2%.
- The Nasdaq Composite closed up only 0.2%.
Oil prices gradually went skyrocketing, erasing almost 60-70% of its lost from last month.
- West Texas Intermediate crude gained 2.1% to $33.93 a barrel.
- Brent Crude is up by 1.80% to $36.17 per barrel.
Gold however weakened a bit by 1.6% to $1,725 per ounce.
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Reliance Trading Co. Limited