Investor sentiments have improved significantly over the weekend following reports of reduction in new Coronavirus cases. This is observed in Wall Street as the US benchmark indexes gain for the second day.
- The Dow Jones is up by 2.17% and is at 23,172.72.
- The broader S&P 500 (SPX) index is up almost 2%.
- NASDAQ Composite Index, which comprises mostly technology companies, also rose more than 85 points.
More good news for equity investors as Futures are higher
- DOW Futures rose by more than 2.55%.
- S&P 500 Futures are up by more than 2.2%
- NASDAQ Futures are up by 1.3%.
It is important to note that all major stock exchanges around the world are in greens. The Financial universe is indeed interlinked. A spark of optimism against the COVID-19 pandemic has created a Domino effect of confidence in the stock markets across the world.
Stocks that are making the headlines in Dow and S&P 500 are:
- American Express is trading higher for two consecutive days. It rose again on Tuesday by another 7%.
- Walt Disney rose by almost 4%.
- The Cruise maker Carnival Corp. is trading 17% higher over its previous close after Saudi Arabia’s sovereign wealth fund announced to buy a significant stake in it.
- American Airlines is also up by almost 16%.
The US President, Donald Trump, believes that the drug Hydroxychloroquine, which is used for treating malaria, could also be used to treat the Coronavirus. As per requests from the US President himself, the Indian Prime Minister, Narendra Modi, allowed the export of the drug to the US. India manufactures around 10% of the world’s requirements for this particular drug.
However, this is still under trials for confirmation. It will be interesting to see where the Dow Jones and S&P500 end on Tuesday.
