On Thursday, the 19th of March 2020, a slew of US stocks had wrapped up the day in a fairly upbeat tone following this week’s en masse sell-off waves as global policymakers across the globe had been looking beyond conventional crisis-management system to cope up with a world filled up with a deadly flu-like Coronavirus pathogen which has been killing people.
In point of fact, Fed’s latest interest rate cut to near-zero level alongside the US Central Bank’s newly implemented crisis management tool to open up an 84-day-long credit lines of US Dollars to ensure free-flow of liquidity of American currency in a dollar-dependent global financial system, had mostly catalysed the gains of Thursday’s (March 19th) Wall St., though a recession in a near-term outlook appears to be inevitable.
Meanwhile, referring to the severity of the coronavirus crisis, a Chief Market Strategist at Prudential Financial in Newark, New Jersey, Quincy Krosby said on Thursday (March 19th), “It is not just about the Fed. It is about the fiscal side of the equation.
The question for the market is, how much do we actually need, and the severity of the crisis is suggesting we’re going to need amounts we never initially thought of. ” Citing statistics, on Thursday’s (March 19th) Wall St.
closure, Dow gained 0.95 per cent to 20,087.19, S&P 500 rose by 0.47 per cent, while the tech-heavy Nasdaq Composite surged 2.3 per cent to 7,150.58.