Wall St. rebounds as Amazon and Netflix hit record closing highs

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Wall St. rebounds as Amazon and Netflix hit record closing highs

On Thursday, the 16th of April 2020, a slew of US stocks eked out gains following two consecutive session of losses as Seattle retailer Amazon.com Inc. alongside Netflix Inc. had hit their record closing highs amid the pandemic-driven forced closures in a choppy session, while investors appeared to be leaning more on to the safe-haven bets such as defensives alongside tech stocks over frets of a chorus of destruction in the first quarterly earnings’ reports.

In point of fact, as tech stocks had led Thursday’s (April 16th) rally in the Wall St., Amazon.com Inc. and Netflix Inc. mounted as much as 4.4 per cent and 2.9 per cent higher respectively after a sweeping stay-at-home order imposed on all of the US states in effect had driven demands of online deliveries alongside online streaming services.

Meanwhile, citing that the Thursday’s (April 16th) rally in the Wall St. would likely to be shortlived amid a bunch of bleaker economic data including a 7.3% slump in the retail sales in March, a 74-year low factory output last month, a 30-year low manufacturing activity in the mid-Atlantic region alongside a record 22 million in initial jobless claims since March 21st, the President of Alan B.

Lancz & Associates Inc., Alan Lancz said on Thursday’s (April 16th) Wall St. wrap up, “We’re not going to see a V-shaped recovery, and I think investors will eventually realize that, so it’s premature to call a bottom in stocks at this stage.

” Citing statistics, on Thursday’s (April 16th) Wall St. closure, Dow rose by 0.14 per cent to 23,537.68, S&P 500 gained 0.58 per cent to 2,799.55, while leading the charges on Thursday’s (April 16th) bull-run, the tech-heavy Nasdaq surged 1.66 per cent to wind up the day at 8,532.36.