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Benchmarks closed in the green for the third time in a row on Thursday after the Federal Reserve announced a $2.3 trillion program to help the governments and businesses fight the coronavirus-led slowdown. Investors also regained confidence following early signs of coronavirus outbreak hitting a peak.. Market was closed on Friday in observance of Good Friday.
The Dow Jones Industrial Average (DJI) rose 285.80 points, or 1.2%, to close at 23,719.37 and the S&P 500 added 39.84 points or 1.5% to close at of 2,789.82. While, the Nasdaq Composite Index closed at 8,153.58, losing 62.67 points or 0.8%. The fear-gauge CBOE Volatility Index (VIX) decreased 3.9%, to close at 41.67. Advancing issues outnumbered declining ones for a 9-to-1 ratio on the NYSE and a 4-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
The Federal Reserve’s announcement of new programs to help support the financial market and economy gave investors confidence.Out of the 11 major sectors of the S&P 500, the financial sector emerged as the best-performing gaining more than 5%.
Overall, the S&P index recorded five new 52-week highs and no new low. Meanwhile, Nasdaq recorded 13 new highs and six new lows.
Fed’s Program to Boost US Economy
The Federal Reserve announced its new Main Street Lending program, totaling to $2.3 trillion and explained its details on Thursday. Fed will be providing $600 billion support for mid-size businesses and $500 billion for states, counties and cities.
Fed’s program also include plans to buy investment-grade and now even junk bonds. This stimulus by the central bank overshadowed the massive jump in weekly jobless claims.
Coronavirus Outbreak May Have Hit the Peak
Benchmarks rose on Thursday as investors closely observed signs of coronavirus outbreak hitting the peak increased hopes. New York, which is the coronavirus hotspot in the United States has reported decline in its virus-related hospitalization rate.
Additionally, on the same day Treasury Secretary Steven Mnuchin also reported that the U.S. economy could be re-opened in May. And the government is taking necessary measures to help businesses open and see “that they have the liquidity that they need to operate their business in the interim.”
Weekly Roundup
Benchmarks closed in the positive for the week, with the S&P 500 rising 12.1%, marking its best weekly gain since 1974. However, the benchmark remained nearly 17% below its record high since coronavirus-led lockdown measures hampered business activity.
The Dow and the Nasdaq rose 12.7% and 10.6% in this holiday-shortened week. The Nasdaq hit its best weekly gain since 2009 as investors got relief from early signs of the coronavirus outbreak hitting a peak in major cities and also got a boost from aggressive stimulus worldwide
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.5% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
Stock Market News for Apr 13, 2020
Benchmarks closed in the green for the third time in a row on Thursday after the Federal Reserve announced a $2.3 trillion program to help the governments and businesses fight the coronavirus-led slowdown. Investors also regained confidence following early signs of coronavirus outbreak hitting a peak.. Market was closed on Friday in observance of Good Friday.
The Dow Jones Industrial Average (DJI) rose 285.80 points, or 1.2%, to close at 23,719.37 and the S&P 500 added 39.84 points or 1.5% to close at of 2,789.82. While, the Nasdaq Composite Index closed at 8,153.58, losing 62.67 points or 0.8%. The fear-gauge CBOE Volatility Index (VIX) decreased 3.9%, to close at 41.67. Advancing issues outnumbered declining ones for a 9-to-1 ratio on the NYSE and a 4-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
The Federal Reserve’s announcement of new programs to help support the financial market and economy gave investors confidence.Out of the 11 major sectors of the S&P 500, the financial sector emerged as the best-performing gaining more than 5%.
Shares of JPMorgan Chase & Co. (JPM - Free Report) gained nearly 9% on Thursday, while The Goldman Sachs Group, Inc. (GS - Free Report) added 4%. JPMorgan Chasecarries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Overall, the S&P index recorded five new 52-week highs and no new low. Meanwhile, Nasdaq recorded 13 new highs and six new lows.
Fed’s Program to Boost US Economy
The Federal Reserve announced its new Main Street Lending program, totaling to $2.3 trillion and explained its details on Thursday. Fed will be providing $600 billion support for mid-size businesses and $500 billion for states, counties and cities.
Fed’s program also include plans to buy investment-grade and now even junk bonds. This stimulus by the central bank overshadowed the massive jump in weekly jobless claims.
Coronavirus Outbreak May Have Hit the Peak
Benchmarks rose on Thursday as investors closely observed signs of coronavirus outbreak hitting the peak increased hopes. New York, which is the coronavirus hotspot in the United States has reported decline in its virus-related hospitalization rate.
Additionally, on the same day Treasury Secretary Steven Mnuchin also reported that the U.S. economy could be re-opened in May. And the government is taking necessary measures to help businesses open and see “that they have the liquidity that they need to operate their business in the interim.”
Weekly Roundup
Benchmarks closed in the positive for the week, with the S&P 500 rising 12.1%, marking its best weekly gain since 1974. However, the benchmark remained nearly 17% below its record high since coronavirus-led lockdown measures hampered business activity.
The Dow and the Nasdaq rose 12.7% and 10.6% in this holiday-shortened week. The Nasdaq hit its best weekly gain since 2009 as investors got relief from early signs of the coronavirus outbreak hitting a peak in major cities and also got a boost from aggressive stimulus worldwide
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.5% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>