Global stocks jump on late Wall St. rally; crude oil shines

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Global stocks jump on late Wall St. rally; crude oil shines

Late on Friday, the 13th of March 2020, a gauge of global stock indices rebounded sharply following a late-rally in the Wall St. which had also witnessed Dow Jones’ biggest intra-session leapfrog since the ages of great financial depression in 2008, after the US President Donald Trump had opened up a $50 billion vault in federal aid to suffice the ailing US business environment and to wrangle against a rattling coronavirus pandemic which had killed 51 US nationals and infected 2,500 people in less than two weeks.

Aside from the global equity indices, crude oil futures’ prices had also ticked up following Trump’s remark that the United States would make the better out of a sharply declining crude oil futures’ prices by filling up the United States’ strategic reserves of oil “right to the top”.

Meanwhile, voicing a cautiously optimistic tone over Trump Administration’s latest fiscal stimulus, a chief investment strategist at State Street Global Advisors in Boston, Michael Arone said late on Friday (March 13th), “It’s probably too premature to signal the all-clear, but we’re definitely taking steps in the right directions.

These are the right steps and the market is now saying, ‘OK, governments, central banks and society as a whole gets it and they’re moving forward. ’” Amid a highly volatile market on Friday (March 13th), MSCI’s gauge of global stocks across the globe that keeps track of 49 stock exchanges added 5.27 per cent after drowning as much as 12.4 per cent on Thursday (March 12th), scoring its steepest fall on record, while Nikkei futures’ surged 5.63 per cent alongside the US crude futures’ prices gained 4.54 per cent to settle down at $31.73 per barrel and Brent crude futures’ prices wrapped up Friday’s (March 13th) market 5.27 per cent higher to $34.97 per barrel.