Wall St. snaps three-day-long rally as US coronavirus cases pass 100,000
by SOURAV D | VIEW 462
On Friday, the 27th of March 2020, despite US House’s approval of a historic $2.2 trillion aid package to back the bedridden US economy, all three key stock indices of the Wall St. had wrapped up the day more than 3 per cent lower, slumping a three-day long massive gaining streak, as investors’ fret over an ill-fated US economy what analysts say has already been in a recession coupled with a strident surge of newer coronavirus cases in the United States, had been keeping a lid on investors’ optimisms.
Aside from that, several analysts had also added that the Friday’s (March 27th) sell-off could be goaded by a profit-taking move of many amid growing market whispers that the mountainous $2.2 trillion in fiscal aid could even fall short to revive the US economy, while scepticism rose on IRS’s (Internal Revenue Service) ability to put the money into people’s doorstep in a near-term outlook amid a steep lack of manpower alongside a multi-decade old computing system that worked on a specific programming language called COBOL.
Meanwhile, addressing to a wobbling US healthcare sector which could determine the fate of US stocks during next week’s Wall St. opening, a chief investment strategist at Ally Invest, Lindsey Bell said on Friday (March 27th), “Next week will depend on what happens over the weekend.
If there is a major acceleration over the weekend of coronavirus cases in New York and other states and the hospital system continues to get jammed up, then I think it will be a rough week for the market. ” Citing statistics, on Friday’s (March 27th) Wall St.
wrap up, the trade-sensitive Dow Jones Industrial Average dwindled 4.06 per cent to 21,636.78, S&P 500 shrugged off 3.37 per cent to 2,541.47, while the tech-heavy Nasdaq was hit with a whiplash of 3.79 per cent to wind down the day at 7,502.88.