wall St. end higher as US factory activity snaps five-month-long losing streak

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wall St. end higher as US factory activity snaps five-month-long losing streak

On Monday, the 3rd of February 2020, a slew of US stocks posted robust gains following upbeat earnings’ reports from Amazon.com Inc. alongside Nike Inc., while an unprecedented U-turn in US factory activity on January that posted a profound rebound and had heaved up the US factory activity from a recession, helped offset worries of a coronavirus outbreak death tolls of which had reached 361 on Monday (February 3rd).

More or less, Monday’s (February 3rd) Wall St. rally was almost entirely prodded by a sharp rebound in ISM (Institute of Supply Management) factory data on January, which posted a reading of 50.8 last month compared to a figure of 47.2 in December.

On top of that, Monday’s (February 3rd) ISM data had also hinted a bounce back in US investors’ confidence, though many analysts were quoted saying that the latest rebound in US factory activity was catalysed by an upsurge in US goods’ orders which would unlikely to last longer amid a quickly spreading coronavirus epidemic.

Meanwhile, referring to US economy’s resilience against a global health emergency, a managing director at R.J. O’Brien & Associates in Chicago, John Bardy said on Monday’s (February 3rd) Wall St. wind down, “Sure we’ve been held back on worries about coronavirus, but this morning it’s been a story of data showing U.S.

economy is really strong”. Citing statistics, on Monday’s (February 3rd) Wall St. round off, the Down surged 0.81 per cent to 28,484.63, S&P gained 0.86 pre cent to 3,253.17, while being the frontrunner on Monday’s Wall St. rally, Nasdaq Compoaite took a torrential dive of 1.32 per cent to 9.273.39.