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Coronavirus Stock Market Rally Continues

By April 9, 2020 news

The stock market rally continues with two consecutive solid days. OPEC+ meeting this coming Thursday is the main reason why the previously low crude oil prices jumped on Wednesday.

Major contestants showed promising improvement, including The Dow Jones Industrial Average and S&P 500 index (+3.4%) and the Nasdaq composite (+2.6%). 

The retail traders’ all-time favorite Apple, Amazon and Microsoft stock rose 2.6%, 1.6% and 1% accordingly. For Amazon, this increase has resulted in the company earning back its $1 trillion valuation.

Other honourable gains: 

  • Nvidia stock rose 3.1%
  • DXCM stock climbed 2.9%

It is still too early to say if the current stock market is just a short-lived phenomenon and whether the bullish market sentiment will take another dive. In case the market starts showing stable signs of recovery, all major indexes would enter a power trend and growth stock would break out. COVID-19, being the primary contributor to the stock market crisis, continues to spread across the globe.

COVID-19: The Virus In Numbers

Confirmed cases of coronavirus around the world rose to above 1,51 million, with the total number of deaths reaching 88,000.

North America

With over 431,000 people infected and more than 14,700 deaths, researchers estimate that the peak has yet to come. And while the virus continues to devastate the economy, 9.9+ million US workers have filed for their first week of unemployment benefits.
Canada has reported more than 19,000 coronavirus cases and 400+ deaths.

Europe

Italy and Spain suffer from the worst consequences of the virus outbreak. The strict lockdown seems to be yielding results, both countries have yet failed to flatten the curve. 

British Prime Minister Boris Johnson who had been previously tested positive for COVID-19 was delivered to the intensive care unit earlier this week. The public responded poorly to new quarantine measures, which resulted in 60,000+ confirmed cases across the country.

Russia was able to control the spread of the virus until the recent sharp increase of 1,175 new coronavirus infections. President Vladimir Putin announced an extension of the nationwide “non-working week” until April 30. Putin has signed a new legislation that imposes punishments for people breaking coronavirus quarantine rules, including up to seven years in prison.

Country leaders across the globe urge people to stay home, avoid close contact with people outside your household and practice good hygiene and sanitary precautions.  

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