Wall St. reports solid gains as US states prepare to relax pandemic-led lockdown

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Wall St. reports solid gains as US states prepare to relax pandemic-led lockdown

On Friday, the 24th of April 2020, all three key indices of Wall St. had reported solid gains, mostly buoyed up by the intransigent rallies of Apple Inc. and Microsoft Corp., while a number of media headlines citing US states’ preparation to ease the pandemic-driven forced lockdown, appeared to have strengthened the footings of US investors on Friday’s (April 24th) Wall Street.

In point of fact, as beforementioned, Friday’s (April 24th) Wall St. rally was almost entirely galvanized by optimisms over a partial reopening of US economy as early as by next week, while Apple Inc. and Microsoft Corp.

had gained more than 1 per cent ahead of their quarterly earnings’ reports for Q1, 2020, scheduled to be released by next week. Aside from that, a 6 per cent drag of planemaker Boeing Co. had again pared some earlier gains of Dow following release of media report that the grief-sickened US aerospace industry giant had been mulling an option to slash its 787 Dreamliner production by half in the face of a sharp decline in demands.

However, all of the 11 sub-sectors of S&P 500 had gained on Friday (April 24th) with materials’ index rising 1.5 per cent following a surprise rise of US WTI crude oil futures’ prices, while the gains of Microsoft Corp.

and Apple Inc. had moved tech stocks’ index .SPLRCT 2.1 per cent higher. Meanwhile, casting a gloomier outlook for the US stocks over the coming weeks, a Chief Investment Officer at US Bank Wealth Management in North Carolina, Eric Freedman said on Friday (April 24th), “We think this is likely to be a little bit of a sideways market, and we won’t be surprised to see a bit of downside before we see more upside,” while a number of Wall St.

analysts were expecting at least 15 per cent decline of S&P 500 during a likely bleaker Q1 earning season alongside a 60 per cent slump of energy stocks due to a rising upheaval in the crude oil market. However, as the US President Donald Trump had signed off a $500 billion in new relief bill approved earlier in the US House of Representatives by an overwhelming majority and had signalled an earlier-than-anticipated reopening of US economy, Wall St.

had ended Friday’s (April 24th) market higher despite a growing number of odds. Citing statistics, on Friday’s (April 24th) Wall St. wind down, S&P 500 gained 1.39 per cent to 2,836.74, Dow added 1.11 per cent to 23,775.27, while the tech-heavy Nasdaq surged 1.65 per cent to round off Friday’s (April 24th) Wall St. at 8,634.52.