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Dow Jones, S&P 500 rise amid optimism | Bitcoin clings on to the $7,200 mark

US stocks continued to rise for the third consecutive day. The US President has announced that a lot of tests for COVID-19 pa
US stocks continued to rise for the third consecutive day. The US President has announced that a lot of tests for COVID-19 patients are being done every single day.

The US benchmark index, the Dow Jones Industrial Average (DJI), and the broader S&P 500 Index gained slowly but steadily into the opening two hours of trading on Wednesday. The tech-rich NASDAQ Composite Index gained over 1.6%.

Wall Street rises as the fight against Coronavirus intensifies

The rise on Wednesday in the major indexes of Wall Street makes it three days on the trot. Investor sentiments seem to have improved a lot over the belief that the number of casualties due to the COVID-19 pandemic has peaked out.

The US President, Donald Trump, announced late on Tuesday that they have purchased around 29 million doses of Hydroxychloroquine. It is a drug that is used to treat Malaria, and according to a report, it might be used to treat Coronavirus as well. However, there is no research confirming the hypothesis.

Nevertheless, a ray of hope was enough to lift the spirits of the investors.

Here’s how the US stock indexes performed so far:

  • The Dow Jones Industrial Average was up by 440.89 points and was at 23,085.09.
  • S&P 500 (SPX) gained almost 2% and was at 2,711.88.
  • NASDAQ gained around 1.7% and stood at 8018.58.

Bitcoin holds on to the $7,200 however, volumes traded remain low

BTCUSD continued to trade around $7290.

  • The 4-hour chart indicates that the Bitcoin is forming candles with a small body and larger wicks. This is an indication that Bitcoin might be in a consolidation zone.
  • The amount of volume traded confirms the fact that the Bitcoin is indeed in a consolidation zone.
  • The Fibonacci retracement level happens to be at this exact point, i.e., $7,290.

The situation in the Financial Markets worldwide is such that investors are moving out of risky assets. Thus, it will be crucial next few weeks for the BTC.

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