Wall Street pauses to breathe after an epic rally

US, WASHINGTON (ORDO NEWS) — US markets paused Wednesday after the Dow Jones Industrial Average posted its largest one-day hike since 1933 on Tuesday, in anticipation of a $ 2 trillion stimulus package from Congress.

The Senate is due to vote later on Wednesday on this plan, the largest in American history, which was the subject of an agreement in principle between the two parties last Tuesday. The bill will still have to be passed by the House of Representatives.

The Dow Jones Industrial Average rose modestly 1.6% to 20,976 at 3:40 p.m. The S&P 500 also extended gains up 0.3%, while the NASDAQ Composite was down 0.8%.

Momentum seems to be waning as investors brace for what could be the worst single-week gain in jobless claims in the United States on Thursday, with more than 2 million new registrations expected by a number analysts.

The actions also took to heart President Donald Trump’s desire to end the current wave of containment in the United States as quickly as possible. Trump said late Tuesday that he aims to bring the economy as close to normal as possible by Easter, which falls on April 12 of this year.

This is despite the fact that the incidence of new infections and deaths is showing no signs of slowing down yet. According to Johns Hopkins data, the number of infections in the United States is 55,000, which is already far more than China in terms of the number of infections per capita.

Among the most active stocks are Boeing and the airlines, which are likely to be the first to benefit from federal aid under the new stimulus package. Boeing (NYSE: BA ) shares were up 12.3%, American Airlines (NASDAQ: AAL ) shares were up 6.1% and Delta Air Lines (NYSE: DAL ) shares were up 4.6% – these three companies made gains equivalent to those recorded before the crisis.

Target security (NYSE: TGT ) fell 7.6% after warning that the Covid-19 epidemic was hurting sales of higher-margin discretionary products, as well as rising costs staff operations and store cleaning.

Occidental Petroleum (NYSE: OXY ) stock fell 2.0% after the oil producer cut staff salaries by 30% and executive wages by more than 80% in a new attempt to keep liquidity despite falling oil prices.

Online:

Our Standards, Terms of Use: Standard Terms And Conditions.

Contact us: [email protected]

The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.