NEW YORK, April 7 — US stocks rocketed higher yesterday, with each of the major indexes rallying at least 7 per cent, after a fall in the daily death toll in New York, the country's biggest coronavirus hot spot, fueled optimism a leveling off of the pandemic was on the horizon. Yesterday, New...
A man crosses a nearly deserted Nassau Street in front of the New York Stock Exchange April 3, 2020. — Reuters pic
New York Governor Andrew Cuomo said yesterday that hospitalisations of coronavirus patients are down and the rate of the rise in deaths has leveled off in the hardest-hit state. But he cautioned against complacency. Even with the positive signs, US officials have braced the country for a “peak death week” from the pandemic, with the death toll topping 10,000.
S&P 500 companies are expected to enter an earnings recession in 2020, with declines in profit in the first and second quarters, according to IBES data from Refinitiv, as demand evaporates across sectors such as airlines, luxury goods and industrials. First-quarter expectations now call for an earnings decline of 6 per cent from the year-ago period.
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