US: Stocks end higher on improving coronavirus outlook
[NEW YORK] Wall Street stocks finished solidly higher on Tuesday as markets embraced better coronavirus case counts in some hotspots, even as banking earnings pointed to economic weakness.
The Dow Jones Industrial Average gained more than 550 points, or 2.4 per cent, at 23,949.76.
The broad-based S&P 500 jumped 3.1 per cent to 2,846.06, while the tech-rich Nasdaq Composite Index surged 4.0 per cent to 8,515.74.
Tuesday's gains marked the latest positive day for stocks since officials in New York and some other hotspots pointed to progress in cutting the number of new coronavirus cases.
Some international markets, including Italy and Austria, have relaxed some lockdown measures as US officials begin to tackle the question of how to safely reopen the economy.
Still, there were plenty of fresh signs of gloom.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The International Monetary Fund said the downturn will slash US$9 trillion from the global economy in the worst downturn in almost a century.
Earnings results from large banks also raised red flags, with JPMorgan Chase falling 2.7 per cent and Wells Fargo shedding 4.0 after both banks set aside billions of dollars to cover potential loan defaults.
Boeing was another laggard, dropping 4.2 per cent as it disclosed additional plane order cancelations while it contends with the coronavirus crisis on top of the continued issues with the 737 MAX, which remains grounded following two deadly crashes.
But Johnson & Johnson surged 4.4 per cent as it trimmed its full-year forecast due to the coronavirus, but lifted its dividend as it works to develop a vaccine for Covid-19.
AFP
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
NYSE-parent ICE’s revenue misses as muted IPO markets offset record energy trading
Japan’s Sumitomo Corp net profit down 32% on Madagascar one-off loss
Hong Kong regulator brings insider trading charges against Segantii and its founder
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%
Asia: Stocks rise as Federal Reserve tamps down hike fears; yen leaps
Japanese companies struggle with yen’s continued weakness