New York Stock Exchange rallies, led by healthcare booms
by SOURAV D | VIEW 837
On Monday, the 30th of March 2020, all three key indices of Wall St. had surged more than 3 per cent, as investors appeared to be betting heavily on defensive stocks such as healthcare and cyclical goods while a number of Wall St.
investment funds were found to have taken a “flight-to-safety” mode amid a “hair-on-fire” coronavirus situation in the United States. As a matter of fact, Monday’s (March 30th) Wall St. rally was almost entirely goaded by the healthcare sectors after J&J and Abbot Laboratories said that they were working with the Trump Administration to create an ample amount of coronavirus vaccines, which both of the aforementioned US-based big-league biopharma giants had claimed currently under development.
Besides, followed by the reveal of the announcement, shares prices of J&J and Abbot Laboratories gained as much as 8 per cent and 4.67 per cent respectively, while the Standard & Poor’s healthcare sector climbed 4.67 per cent and the US tech sector, .SPLRCT gained over 4 per cent on optimism of a Panglossian reboot in Chinese production line alongside US-based chipmakers’ urge to continue operation despite the lockdown.
Meanwhile, citing that the latest leg of virus-driven violent sell-off coupled with a $2.2 trillion in monetary aid package signed off by the US President Donald Trump later last week, had opened up an opportunistic moment for some fund managers to enter in to new buying positions, Chief Executive of Ladenburg Thalmann Asset Management in NY, Phil Blancato said on Monday (March 30th), “You are looking for a way to re-enter the market on stocks that are going to give you an opportunity to participate.
You look at some of those and say there is an opportunity for me to buy good companies with strong balance sheets that on the other side of this should produce. ” Citing statistics, on Monday’s (March 30th) Wall St.
closure, the trade-sensitive Dow Jones gained 3.19 per cent to 22,327.48 following reveal of a better-than-anticipated factory activity in China this month, while S&P 500 added 3.35 per cent to 2,626.65 and Nasdaq gained 3.62 per cent to 7,774,14 as a robust resumption of China’s economic recovery following a nearly three months of stagnations in all kinds of business activities came as a shimmering ray of hope for the US investors.