US stocks surge 7 percent on hopes of slowdown in coronavirus cases
April 7, 2020 | Investopaper
US stocks witness a sharp rise on Monday in the hope of slowdown in the growth of new coronavirus cases in US. The Dow Jones Industrial Average (DJIA) gained more than 1,600 points to close at 22,679.99 on Monday. This is an increase by 7 percent in the Dow index. Similarly, other indices such as S&P 500 and Nasdaq Composite also surged by 7 percent and 7.3 percent respectively.
The incline in prices of stocks made for last weeks sharp losses. In the previous week, Dow plunged by 2.7 percent while S&P 500 and Nasdaq Composite fell 2.1 percent and 1.7 percent respectively.
As the growth in new coronavirus cases seemed to slow in US, investors optimism pushed the market higher. New coronavirus cases fell to 28,200 on Sunday from 32,100 and 33,260 of Friday and Saturday respectively.
Until Tuesday US reports more than 367,600 cases with a death of 10,941.
