U.S Stock Market:- The U.S Share market is solidly higher on optimism of Covid-19 containment. However, The U.S share market has some great News.
Mini Invest:- U.S. stock markets extended Monday’s blistering rally in morning trading Tuesday, on hopes that the COVID-19 pandemic will peak soon, allowing a minimum of a partial lifting of lockdown restrictions on the economy soon.
At 11:25 AM ET (1525 GMT) the Dow Jones Industrial Average rose 460, up 2% from Monday’s close. The S&P 500 was up 1.8%, while the NASDAQ Composite lagged with a gain of just one.
Although off their early highs, the indices received a late-morning boost on news that admissions to medical care units were down significantly in NY state.
All three indices had gained quite 7% on Monday as reports emerged of a replacement package of economic support measures being prepared in Washington. House Speaker Nancy Pelosi said the measures might be worth over $1 trillion.
The extravagant rebound over the last 24 hours means the market is already nearly back at its likely year-end value, by some analysts' estimates.
DWS, the asset management arm of Deutsche Bank (DE: DBKGn), assumes an end-2020 level of two,750 for the S&P 500, only 9 points above its current level. That’s on the idea that major U.S. and European cities won’t be locked down for quite 60 days, “followed by many months of residual demand and supply-side damage from late 2019 activity levels,” consistent with David Bianco, DWS’s U.S. head of active equities.
Among individual stocks, Exxon Mobil (NYSE: XOM) stock rose 5% after the corporate said it'll cut capital spending by some 30% from the originally budgeted $33 billion, concentrating most of the cuts in its short-cycle shale properties within the Permian Basin in Texas. Independent shale producer Continental Resources Inc (NYSE: CLR) stock rose 13% after also announcing it'll cut production by 30% this year and suspend its dividend to conserve cash.
Such guidance, which all-but locks during a lower production trajectory for the U.S. this year, will make it easier for rival producers led by Saudi Arabia and Russia to cobble up an agreement to chop more of their own output and stabilize global prices. U.S. crude futures were 0.9% higher at $26.32 a barrel as of 11:25 AM ET.
Elsewhere, 3M (NYSE: MMM) stock rose 4.5% - also hitting a four-week high - after President Donald Trump announced an end to their public spat over producing face masks for U.S. health care workers. the 2 have agreed that 3M will supply 166 million masks over the subsequent three months.
Elsewhere, Zoom Video (NASDAQ: ZM) stock fell 8% and biotech giant Gilead Sciences (NASDAQ: GILD) stock fell 5%, as two of the stocks that have benefited from inflows from the remainder of the market in recent weeks reversed. Zoom Video has ridden a boom in performing from range in Europe and therefore the U.S., while Gilead's experimental antiretroviral drug remdesivir has been touted together of the foremost likely sources of a breakthrough in treating the COVID-19 disease.
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| U.S Stock Market:- Solidly Higher on Optimism of Covid-19 Containment |
Mini Invest:- U.S. stock markets extended Monday’s blistering rally in morning trading Tuesday, on hopes that the COVID-19 pandemic will peak soon, allowing a minimum of a partial lifting of lockdown restrictions on the economy soon.
At 11:25 AM ET (1525 GMT) the Dow Jones Industrial Average rose 460, up 2% from Monday’s close. The S&P 500 was up 1.8%, while the NASDAQ Composite lagged with a gain of just one.
Although off their early highs, the indices received a late-morning boost on news that admissions to medical care units were down significantly in NY state.
All three indices had gained quite 7% on Monday as reports emerged of a replacement package of economic support measures being prepared in Washington. House Speaker Nancy Pelosi said the measures might be worth over $1 trillion.
The extravagant rebound over the last 24 hours means the market is already nearly back at its likely year-end value, by some analysts' estimates.
DWS, the asset management arm of Deutsche Bank (DE: DBKGn), assumes an end-2020 level of two,750 for the S&P 500, only 9 points above its current level. That’s on the idea that major U.S. and European cities won’t be locked down for quite 60 days, “followed by many months of residual demand and supply-side damage from late 2019 activity levels,” consistent with David Bianco, DWS’s U.S. head of active equities.
“A shorter or longer lockdown would cause some upside or downside to the present base-case scenario,” he added in emailed comments.
Among individual stocks, Exxon Mobil (NYSE: XOM) stock rose 5% after the corporate said it'll cut capital spending by some 30% from the originally budgeted $33 billion, concentrating most of the cuts in its short-cycle shale properties within the Permian Basin in Texas. Independent shale producer Continental Resources Inc (NYSE: CLR) stock rose 13% after also announcing it'll cut production by 30% this year and suspend its dividend to conserve cash.
Such guidance, which all-but locks during a lower production trajectory for the U.S. this year, will make it easier for rival producers led by Saudi Arabia and Russia to cobble up an agreement to chop more of their own output and stabilize global prices. U.S. crude futures were 0.9% higher at $26.32 a barrel as of 11:25 AM ET.
Elsewhere, 3M (NYSE: MMM) stock rose 4.5% - also hitting a four-week high - after President Donald Trump announced an end to their public spat over producing face masks for U.S. health care workers. the 2 have agreed that 3M will supply 166 million masks over the subsequent three months.
Elsewhere, Zoom Video (NASDAQ: ZM) stock fell 8% and biotech giant Gilead Sciences (NASDAQ: GILD) stock fell 5%, as two of the stocks that have benefited from inflows from the remainder of the market in recent weeks reversed. Zoom Video has ridden a boom in performing from range in Europe and therefore the U.S., while Gilead's experimental antiretroviral drug remdesivir has been touted together of the foremost likely sources of a breakthrough in treating the COVID-19 disease.
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