Post a disastrous last week, the DOW Jones industrial index did show a great fight back on the last working day for the trade with a gain of nearly 5.1%. Reportedly, this is one of the biggest single-day gain for the index since the year 2009. The word of mouth in the market regarding the Fed reserves cutting down rates further helped this boost to a major extent.
The 5.1% gain on DOW was the biggest since March 2009 and the day ended for the index with a staggering 1293.96 points in the positives. According to the experts, such a huge gain was one of its kind since the time this index starter performing in the market. On the other hand, the S&P 500 leaped by 4.6% to end the day at 3090.23 points. This was one of the most significant gains for the index since December 2018. The Nasdaq composite index wasn’t lagging on the day as well and it gained a major 4.5%, taking it to 8952.16 points on the day.
The huge gains on Monday for the DOW ended the streak of falls that the market was facing since the last week. In DOW, Apple shares led the aggressive growth with a massive 9.3% jump while Walmart and Merck 7.6% and 6.3% respectively. On the S&P 500 index, the tech, utilities and consumer staple each took an approximate growth of 5% that helped the index to score big on the day.
The major decline in the stock market was due to the dent in investor sentiment last week. The reports of coronavirus spreading thick and fast had put off the market completely but on Monday the market seemed to behave better and finally, the investors can have a good sleep!
However, as per experts, such growth will be soon short-lived because the virus is yet to be contained and this boost will slump 2%-3% more before the period of capitulation sets in. The number of cases in England rose by 35 more and China reported 500 new cases this Saturday. All of this doesn’t really out the economy in any better spot as of yet but this steep jump will allow the investors to make better decisions.
However, there are a few stocks that can do wonders for you and keep your portfolio stable in such a time of global economic downturn.