Economy

U.S. stocks end mixed amid anticipation of stimulus package

U.S. stocks end mixed amid anticipation of stimulus package”

The major US stock indexes are drifting lower early Wednesday as investors awaited an unprecedented stimulus package to fight the economic impact of the coronavirus. The market is now down almost 27% since setting a record high a month ago. Complicating the standoff, Sen.

"Fiscal stimulus is absolutely necessary because it directly effects the consumer and consumer spending and consumer confidence is what's driving the US economy", said Nancy Perez, senior portfolio manager at Boston Private Wealth in Miami.

NEW YORK, March 26 ― The dollar slid and global equity markets marched higher yesterday for a second day of gains, on optimism US$2 trillion (RM8.87 trillion) in USA fiscal stimulus will dampen the economic shock the coronavirus pandemic has started to inflict.

Investors are also still waiting to see the details of Washington's plan, which will include direct payments to most Americans and aid for hard-hit industries.

"Until we know we can go back to work safely, that we can go to restaurants and go to stores and engage with other humans in close proximity, I don't think you can make an economic or a market call". Overall, more than 112,000 have recovered. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death. They're forecasting a report on Thursday will show a record number of Americans filed for unemployment benefits as layoffs sweep the country. What's unsure is how long it will last.

"The secretary stressed that as a leader of the G20 and an important energy leader, Saudi Arabia has a real opportunity to rise to the occasion and reassure global energy and financial markets when the world faces serious economic uncertainty", she said.

The S&P index recorded no new 52-week high and one new low, while the Nasdaq logged two new highs and 36 new lows. Normally, the S&P 500 Index moves up or down about 1% every day.

The 30-stock average climbed more than 2%, or 495 points. It had been up more than 1,300 points before the rally faded. The S&P 500 gained 35.76 points, or 1.46%, to 2,483.09 and the Nasdaq Composite added 34.47 points, or 0.46%, to 7,452.33. Other travel-related stocks also stormed higher to recoup a fraction of their huge losses over the last month.

Royal Caribbean Cruises and Norwegian Cruise Line Holdings each rallied about 23%. A 9.2% gain in Nike also boosted the Dow.

European markets ended with sizable gains. Germany's DAX was down 0.8%, and the French CAC 40 was up the same amount. Asian markets rose broadly, led by an 8% jump in Japan.

Treasury yields were holding relatively steady. The yield on the 10-year Treasury inched up to 0.82% from 0.81% late Tuesday, and the two-year yield slipped to 0.35% from 0.37%.



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