As the US economy struggles to combat the massive losses amidst the stressful health and economic situations put into picture by the China originated Coronavirus ,U.S. stocks emerge with hopes of optimism and positivity with a green arrowed finish on Friday. The news of the pandemic causing deep damages to the U.S. economy didn’t stop investors to proliferate their trust in the markets. Wall Street stocks regain strong positions,recovering the losses from a slide as US oil prices dwindled.
The broad based S&P 500 climbed 1.4% to end at 2,836.74 ,while the tech rich Nasdaq finished at 1.7% higher at 8,634.52. At the settlement period,the Dow Jones Industrial average was up by 1.1% at 23,775.27.
The tech sector saw massive appreciation. Apple and Microsoft each climbed more than a percent, lifting S&P 500 more than any other company. Apple shares on Friday morning were up to 1% to $277.85 and were as high as 2.89% in the afternoon. The shares of Home Depot also projected green signals at a positive 4.87% They climbed $10.45 or 5.2%,while Apple Inc. gained $7.74(2.8%), contributing to almost a 125-point bump for the Dow. Other major contributors were IBM at 2.78% gain and Cisco at positive 2.16%
The gains were also due to a 19% jump in US oil benchmark West Texas Intermediate for June delivery to $13.78 a barrel in New York. The turbulence by the oil sector in the exchanges still leads to a downward pressure on all performing companies. The analysts still consider the oil markets highly fragile and vulnerable to further crisis due to the topped up US inventories.
Even though the shares end higher but the week ended with losses. The clouds of uncertainty and skepticism are still over the markets. The Dow feel 2.5% during the week, the S&P 500 feel more than 1% and Nasdaq dipped by 0.8%.
Currently, it is inexplicable to gauge the extent of loss and deterioration the spread of virus could further bring to the global trading markets.