Dow's up more than 1,000 points, trading at session high
U.S. stocks rebounded sharply on Wednesday, warming finally to the Federal Reserve’s surprise interest rate cut and support from other central banks, as well as the increased chances of former Vice President Joe Biden becoming the Democratic Party’s presidential candidate in November’s election after the primary vote Tuesday.
“If you are bullish, this is fantastic,” he said. “The Fed is getting out ahead of any weakness in economic data to restore confidence.” The bounceback in stocks on Wednesday came after the Fed jolted markets with a half-a-percentage-point rate cut on Tuesday, saying that while the economy’s fundamentals remain strong, the “coronavirus poses evolving risks to economic activity.” Investors are now encouraged by other global central banks following suit, with the Bank of Canada also lowering rates by half a percentage point to 1.25%
“Any little bit of good news, or bad news, regarding some mix of politics and viral information, is going to be moving the markets pretty dramatically,” said John Cunnison, chief investment officer at Baker Boyer, in Walla Walla, Washington.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow has biggest daily jump since 2009 as Wall Street buys the dipThe Dow surged over 5% while the S&P 500 and Nasdaq each jumped more than 4% in a major rebound following last week's steep sell-off sparked by fears about the coronavirus
Read more »
Dow surges, gains over 1,200 points in biggest one-day point gain everWall Street rebounded Monday morning after weathering its worst week in a decade amid rising fears that the coronavirus will ding the global economy and stunt growth.
Read more »
Dow surges 5% on hopes for central bank help on the economyThe Dow Jones Industrial Average soared nearly 1,300 points Monday as stocks roared back from a seven-day rout on hopes that central banks will take action to shield the global economy from the...
Read more »
Dow rallies 1,294 points, most in its historyThe Dow soared nearly 1,300 points, or about 5%, snapping its seven-day losing streak. This marks the index's biggest one-day point gain in history.
Read more »
Dow Industrials Rally 5% on Central-Bank Stimulus HopesThe Dow industrials closed nearly 1,300 points higher while U.S. government bond yields hit new lows, with investors hoping central banks can stabilize markets and shield economic growth from the impact of the coronavirus.
Read more »
Dow plunges more than 700 points despite the Fed cutting ratesStocks fell at the close, even after the Fed issued an emergency rate cut earlier today. The Dow was down more than 700 points, up from session lows of more than 800.
Read more »