- DOW index ends the week with 12% gain Best week for S&P 500 since 1974
- Weekly jobless claims number surge majorly
- Fed’s support plan for small and medium businesses is adding worth to the US Economy.
Due to the wide range of programs offered by the Fed to support the economy in times of Coronavirus shutdown, the stocks rose significantly once again on Thursday. This wrapped up one of the best weeks in terms of the gains as the market remains closed on Friday due to Good Friday.
The DOW Jones Industrial Average gained 1.2% or 285.80 points to end the day with 23,719.37 points. The S&P 500 index also jumped significantly on Thursday by 1.5% to close at 2,789.82 points while the Nasdaq Composite was able to garner 0.8% gains to remain at 8,153.58. As the market remains closed on Friday, it will be interesting to see how the indices perform once they reopen on Monday.
For the S&P 500, this week was one of the best in terms of gains since 1974 where it gained around 14%. The index gained as much as 12.1% this week which pushed it closer to the bull market territory. Not only this, even for the Nasdaq this week was one of the best since 2009 as it leaped 10.6%. The DOW managed to soar by 12% which also remains one of the record weekly gains for the index.
Many stocks were in the oversold one this week and along with various policy assistance by the Fed, the entire week turned out to be fruitful for the market. Since the end of February, this has been the strongest week for the US equities. With positive trending on the cards, the uncertainty though remains as no one is aware of the duration of the COVID 19 virus. Unless this virus is completely wiped off, the market will remain risky and unstable for sure!
There were wide ranges of programs announced by the Fed aimed at assisting small and medium-sized businesses. Such a move was a part of the recently passed $2.3 trillion bill by the congress. Also, the Central bank had given hints at buying junk bonds which will add stability and growth to the stock market.
Most of the experts are super happy with the way this Fed has functioned as of yet. In times of depression such as the one now, the action of the Fed has been effective in fighting the situation.
Weekly jobless claims have touched record high once again with more than 6 million people filing for unemployment in the country.