Wall St. surges as US Congress looks to approve $500 billion more in aid

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Wall St. surges as US Congress looks to approve $500 billion more in aid

On Wednesday, the 22nd of March 2020, all three key indices of Wall St. had reported robust gains, while S&P and Dow had winded up the day more than 2 per cent higher and Nasdaq skyrocketed 3 per cent as the US Congress appeared to be well-poised to approve another $500 billion in fiscal aid for the pandemic-struck small business owners in the United States.

On top of that, an intransigent rally of crude oil futures’ had added to further investors’ optimism, upping the ante of risk-assets, as the S&P 500’s energy index .SPNY surged 3.6 per cent on Wednesday’s (April 22nd) market wind down.

Apart from that, the key indices of Wall St. including all 11 sub-sectors of S&P 500 witnessed vigorous purchase of riskier assets after the US Senate had unanimously approved the new bailout bill, while the House of Representatives was expected to pass the bill as early as by Thursday (April 23rd).

Meanwhile, casting doubts over the recent streak of Wall St. gains, which seemed to be clinging on to fading hopes of an earlier easing of the pandemic outbreak in the United States alongside a pre-mature wind down for the oil market upheavals, a head of Trading at Harvest Volatility Management in New York, Mike Zigmont, said on Wednesday (April 22nd), “There is no transparency as to when the coronavirus cases are going to fall off a cliff and we are going to have confidence that we are going back to our normal economy.

If you are optimistic, you could think mid-May, but if you are pessimistic, you may think October, and that’s a big difference. ” Citing statistics, on Wednesday’s (April 22nd) Wall St. closure, trade-sensitive Dow gained 2.26 per cent to 23,539.43 and S&P 500 surged 2.56 per cent to 2,805.51, while leading the charges of Wednesday’s (April 22nd) rally, the tech heavy Nasdaq climbed as much as 3.01 per cent to round off the day at 8,512.16.