- Title: Wall Street ends trading week on a high note
- Date: 9th April 2020
- Summary: DUXBURY, MASSACHUSETTS, UNITED STATES (APRIL 9, 2020) (REUTERS VIA SKYPE) (SOUNDBITE) (English) ART HOGAN, CHIEF MARKET STRATEGIST AT NATIONAL SECURITIES, SAYING: "This is the third eye poppingly large jobless claims number. So we're up to a total of almost 17 million, almost 10% of the U.S. workforce, when you think about the numbers that large. And so the markets haven't reacted to that. And it begs the question, how much is the market prepared for the tsunami of bad economic data? And it seems it's more prepared for that, than it is necessarily for disappointing news on the spread of this disease. We seem to have an investor base that is more focused on where are things peaking, you know, are we going to turn out to be more like South Korea or China? Or are we going to become Italy where things get much worse before they get better? And what is the shape of our curve going to look like? So I think people have said, 'Yes, we know, the economic data is bad.' In fact, it's so bad we can't really get close to estimating what the numbers are gonna look like. Remember, we had the non-farm payroll number where people thought we're gonna lose, you know, 200,000 jobs, and we lost 700,000 jobs. And the market didn't have an adverse reaction to that. I think people are in their mind, psychologically set up for really bad economic data, because we've intentionally shut this economy down. I think the market is really keying on things that matter. So when Abbott or Johnson & Johnson or Gilead come out with good news on something, you know, and results on a new test or a therapeutic, the market's reacting really positively to that. So there's a certain amount of changing of the guard where the news that's more important pertains to the pace of the spread of the disease than it does to the pace of U.S. Economy."
- Keywords: COVID-19 U.S. stocks Wall Street coronavirus stocks
- Reuters ID: LVA002C8RPXDZ
- Location: NEW YORK, NEW YORK + DUXBURY, MASSACHUSETTS, UNITED STATES
- City: NEW YORK, NEW YORK + DUXBURY, MASSACHUSETTS, UNITED STATES
- Country: USA
- Duration: 00:01:28
- Aspect Ratio: 16:9
- Topics: Economic Events,Equities Markets
- Story Text: Wall Street ended the trading week on a high note on Thursday (April 9) as the U.S. Federal Reserve unleashed its latest program designed to buoy local governments and businesses crushed by moves to stem the coronavirus outbreak.
The Dow Jones Industrial Average rose 281.48 points, or 1.2%, to 23,715.05, the S&P 500 gained 39.49 points, or 1.44%, to 2,789.47 and the Nasdaq Composite added 62.67 points, or 0.77%, to 8,153.58.
(Production by Fred Katayama and Hyeongmi Kim)
- Copyright Holder: REUTERS
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