After the biggest daily loss since the 1987 stock market crash, the sell-off on Wall Street appears to have stopped for the time being. After initial pressure, the Dow Jones even closes in plus. Airline shares are still on the losing streak.
After the stock market crash at the start of the week, the US stock markets presented themselves somewhat recovered. The Dow Jones Industrial regained the 21,000 point mark and closed with a gain of 5.19 percent at 21,237.31 points. In early trading, the leading index had initially been under pressure and had dropped below the 20,000 mark for the first time in more than three years. The day before, the Dow had recorded the largest daily loss since 1987 with a drop of just under 13 percent. The market-wide S&P 500 ended with an increase of 6.00 percent at 2529.19 points. The technology-heavy Nasdaq 100 gained 6.46 percent to 7473.95 points.
–
“Below 20,000 points, the Dow Jones was finally able to find the long-awaited confident buyer today,” said CMC Markets analyst Jochen Stanzl. In the current environment, a sideways movement would be a step forward. At the moment, investors do not know how to reevaluate the economic environment and nobody knows “where the fair value of shares is,” said Stanzl. Among the individual stocks, the focus was once again on Boeing shares, which temporarily fell by more than 20 percent and reached their lowest level since 2013. Later, however, they struggled significantly and went out of business with a minus of “only” 4.2 percent. On Monday, the Boeing titles had lost almost 24 percent, which means that they had lost around two thirds of their value since the free fall began just four weeks ago.
Boeing is pushing for grants
–
The corona virus crisis is having a particularly heavy impact on global air traffic and thus on the continued demand for Boeing aircraft. Meanwhile, according to the US media, the production problems for the US aircraft manufacturer continue to increase due to infected and quarantined employees. According to media reports, Boeing is pushing for short-term funding from the US government. The group already has its best seller 737 Max, which was banned from flying worldwide after two crashes.
The shares in airlines that had been sold the previous day also suffered further losses. Delta Air Lines and United Airlines dropped 11.4 percent and 13.5 percent, respectively. Due to the enormous business damage that the rapid spread of the virus leaves behind, the US airlines want to apply for government aid worth over $ 50 billion.
Clorox benefits from coronavirus
–
In contrast, Amazon stocks rose by a good 7 percent. The world’s largest online retailer wants to counter a sharp increase in orders due to the spread of the corona virus with a recruitment campaign. The company announced on Monday afternoon (local time) that it would hire 100,000 additional full-time and part-time workers for warehousing and delivery in the United States to meet increased demand.
Clorox stocks continued their steep upward movement with a gain of more than 13 percent. Because of the virus pandemic, the manufacturer of disinfection solutions is currently benefiting from high demand for its products. The euro exchange rate recovered somewhat from its significant losses from European business in US trade and was recently traded slightly above the $ 1.10 mark again. The European Central Bank (ECB) had set the reference rate at $ 1.0982 (Monday: 1.1157). The dollar had thus cost 0.9106 (0.8963) euros. Trend-setting ten-year US government bonds fell 3 17/32 points to 103 30/32 points. They paid 1.08 percent.
– .
