Wall Street Strengthens Amid Optimism Slowing Covid-19 Spread

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United States stock exchanges rose in early trading today, Tuesday (04/07/2020).
 Based on Bloomberg data, the Dow Jones Industrial Average rose 1.96 percent or 444.60 points to as low as 23,124.59 at 09.24 WIB.  Meanwhile, the S&P 500 index gained 2.51 percent or 66.75 points to 2,730.43, while the Nasdaq Composite index gained 0.85 percent or 67.59 points to 7,980.82.
 The S&P 500 index even rose to 3.5 percent amid optimism about slowing the spread of the corona virus in a number of countries that are at the center of the spread.
 If the rally holds, the index will meet the definition of a bullish market.  The Stoxx Europe 600 index also strengthened after new infection rates slowed in France and Italy.
 Risk assets including corporate stocks and bonds rebounded amid a pandemic, after a number of countries poured stimulus to stem the impact of the corona virus on the economy.
 However, despite the new stimulus coming from a surge in the number of new infections in most of Europe and and in New York, data showed sentiment among US small businesses weakened in March.
 Because the economic impact of the measures taken to control the outbreak continues to be felt, many market participants warn that the strengthening is unlikely to take place sustainably.
 “Optimism in the direction of the equity market will be difficult to maintain until we see more clarity about the outlook for corporate earnings,” said Marija Veitmane, an analyst at State Street Global Markets, as quoted by Bloomberg.

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