On Tuesday, the 24th of March 2020, the trade-sensitive Dow Jones Industrial Average staged its biggest intra-session gain since 1933 after US lawmakers had confirmed that they were closing in a bipartisan $2 trillion fiscal aid package to help an ailing US economy which has been taking heavy headers over the recent past following outbreak of the Coronavirus pandemic in to the United States, while over hopes of an unprecedented $2 trillion monetary aid package, Nasdaq and S&P 500 had also surged across the board on Tuesday (March 24th).
In point of fact, following Monday’s (March 23rd) brutal sell-off wave across the globe including the Wall St. over scepticism that the US lawmakers had hit a dead end over the fiscal stimulus package, Tuesday’s (March 24th) upsurge came as a breather though many Wall St.
analysts were quoted saying that the gains were unlikely to last as the coronavirus outbreak would likely to contract the US economy between 13 per cent to 15 per cent this year. Meanwhile, adding that many investment funds were still holding their horses amid frets that the US stocks had not yet hit their bottoms, a chief investment strategist at Baker Avenue Asset Management in San Francisco, King Lip said on Tuesday (March 24th), “With all of this stimulus, we just need a catalyst to spark the fire.
That spark will be a peaking of the cases, and when it starts to come down, I think that’s when everything gets lit up”. Citing statistics, on Tuesday’s (March 24th) Wall St. closure, Dow gained 11.37 per cent to 20,704.91, S&P 500 surged 9.38 per cent to 2,447.33, while Nasdaq rose by 8.12 per cent to 7,417.86.
Nonetheless, all three key stock indices had opened the market broadly lower on Wednesday (March 25th) with tech-heavy Nasdaq leading the losses.