As the news of a decrease in the rising number of Coronavirus cases in the US struck bay, the DOW Jones Index took a huge jump of 1100 points on Monday. However, the Coronavirus cases in the US climbed 338,000 and still the stock market rally was one of the best in recent times.
Among the noteworthy gainers were Apple (AAPL) which jumped around 5% and Amazon (AMZN) with 3% gain in their kitty.
On Monday, Amazon stock rallied in the DOW Index while Microsoft also posted a healthy gain of 5%. FANG stock leaders such as Amazon and Netflix each jumped 3% and 2.7% respectively as they inched closer to their new buy point. The stocks of Tesla performed amazingly on the day with a huge forecasted gain of 6%. On the other hand, the Coronavirus stock leader Zoom Video list around 15% due to a key technical issue recently. The stocks of Vertex pharmaceuticals are trying to break out but possibly it will be below its buying point by the end of the day.
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Around midday on Monday, the NASDAQ composite index gained around 5.1%. In the same midday level, the S&P 500 and DOW Jones Index were up by a staggering 5.2%.
Even with the recent stock market rally, the US stock indices are substantially down from their recent highs a couple of months back. The Tech heavy NASDAQ 100 is still down by 18% despite the rally. On the other hand, the S&P 500 is down by 23% whereas the DOW index has as of yet slipped by 26% when compared to their respective highs in February.
Coronavirus cases slow down
Though the number of cases is rapidly increasing, the number of new cases on Sunday for the US was 25,316 in comparison to 34,196 new cases reported on Saturday. This along with the President’s announcement that the Coronavirus is “leveling off” has boosted the stock market higher on Monday. Currently, New York continues to be the epicenter of the disease for the US with more than 36% of the cases in the country from this area.
Globally, COVID 19 cases reached 1.2 million with more than 70,000 deaths. However, the daily case rate has slumped to 5.9% globally on Sunday which is positive news for one and all across every nation suffering from the pandemic.
Stay safe and remain healthy because the markets will eventually bounce back and you need to live to see that! Stay home.