NEW YORK (Dow Jones) – Wall Street closed on Wednesday after the slight losses the previous day. The sentiment was supported by the hope that the crippling measures to combat the corona pandemic in the US could be withdrawn earlier than expected. However, the rapidly changing news situation about the corona pandemic once again caused movement.
The Dow Jones index rose 3.4 percent to 23,434 points. The S&P 500 also closed 3.4 percent higher at 2,750 points, while the Nasdaq composite rose 2.6 percent to 8,091 points. The 2,664 (Tuesday: 2,175) price winners on the NYSE were matched by 399 (816) losers. 30 (34) shares closed unchanged.
The mood was boosted by the favorable development of the coronavirus pandemic in Europe. It raised hopes that an improvement could soon take place in the United States. The White House is already working on plans to resume business. Meanwhile, Treasury Secretary Steven Mnuchin said the U.S. Treasury plans to raise more than $ 2 trillion in debt due to the corona pandemic. On the other hand, the number of corona deaths in the United States has risen sharply to more than 12,900, according to Johns Hopkins University. The number of infections rose to over 400,000.
Europe was by no means only positive news. For example, the EU finance ministers were unable to agree on the financing of an aid package. Meanwhile, economic institutes expect German GDP to collapse by 9.8 percent in the second quarter. That would be the sharpest decline since the data were collected in 1970.
Oil price on a recovery course
Prices recovered on the oil market after the WTI in particular had recently been sold. Official data on US crude oil inventories had shown an unexpectedly high level. The market participants are now hoping for the upcoming talks held by Opec about a price-supportive reduction in production. The US WTI barrel gained 11.4 percent to $ 26.32, while the European Brent rose 5.7 percent to $ 33.69.
The euro came back a bit from the highs the day before when it rose above $ 1.09. At the close, it was trading at $ 1.0854. The dollar index rose 0.2 percent in light of investors’ easing risk appetite ahead of the Easter holiday.
For the gold price it went down a bit. The troy ounce price dropped to $ 1,645 from $ 1,649 the previous day. The US bonds, which are considered to be a safe investment, were not in demand and are continuing their downward movement. The yield on ten-year government bonds rose by 3.9 basis points to 0.75 percent as prices fell.
Levi Strauss and Pinterest jump up
Levi Strauss shares jumped 9.3 percent after the jeans maker exceeded expectations with sales in its first business quarter. Levi Strauss also announced the reopening of his Chinese stores. Pinterest climbed 11.8 percent. The operator of the online pin board of the same name had exceeded expectations in the first quarter with its preliminary sales and user numbers.
Disney fell 0.2 percent. Wells Fargo had downgraded the shares of the US entertainment group and justified this with concerns about the amusement park business, which is important for the group. The Disneyworld parks are not expected to return to full capacity until coronavirus and vaccine testing is no longer available.
Twitter improved by 8.8 percent. Bernstein upgraded the stock to “Market Perform”. The increased need for information in the corona pandemic will benefit Twitter, according to the experts, who also pointed out that the titles have fallen above average.
The McDonald’s burger chain had withdrawn its outlook for the current year due to the corona crisis, but sees itself as sufficiently liquid. The share gained 1.1 percent.
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INDEX last +/-% absolute +/-% YTD
DJIA 23,433.57 3.44 779.71 -17.89
S & P-500 2,749.98 3.41 90.57 -14.88
Nasdaq Comp. 8,090.90 2.58 203.64 -9.83
Nasdaq-100 8,229.54 2.24 180.24 -5.77
US bonds
Maturity Yield Bp to VT Yield VT +/- Bp YTD
2 years 0.24 -2.8 0.26 -96.6
5 years 0.46 0.0 0.46 -146.6
7 years 0.64 2.2 0.62 -160.4
10 years 0.75 3.9 0.71 -169.2
30 years 1.36 6.3 1.30 -170.6
CURRENCIES last +/-% Wed, 8:08 Tue, 17:35% YTD
EUR / USD 1.0854 -0.34% 1.0867 1.0883 -3.2%
EUR / JPY 118.15 -0.25% 118.17 118.61 -3.1%
EUR / CHF 1.0549 -0.15% 1.0554 1.0568 -2.8%
EUR / GBP 0.8768 -0.68% 0.8814 0.8828 + 3.6%
USD / JPY 108.86 + 0.09% 108.86 109.01 + 0.1%
GBP / USD 1.2379 + 0.34% 1.2318 1.2323 -6.6%
USD / CNH (offshore) 7.0724 + 0.14% 7.0726 7.0563 + 1.5%
Bitcoin
BTC / USD 7,342.01 + 2.28% 7,358.51 7,328.01 + 1.8%
ROHOEL last VT-Settl. +/-% +/- USD% YTD
WTI / Nymex 26.32 23.63 + 11.4% 2.69 -56.1%
Brent / ICE 33.69 31.87 + 5.7% 1.82 -47.5%
METALLE last day before +/-% +/- USD% YTD
gold (Spot) 1,645.14 1,648.95 -0.2% -3.82 + 8.4%
Silver (spot) 14.96 15.05 -0.6% -0.09 -16.2%
Platinum (spot) 736.90 736.90 0% 0 -23.6%
Copper future 2.27 2.27 -0.0% -0.00 -19.1%
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DJG / err
(END) Dow Jones Newswires
April 08, 2020 16:18 ET (20:18 GMT)
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