On Tuesday, the 5th of May 2020, all three key indices of Wall St. winded down the day in a fairly upbeat note, almost entirely buoyed up by a flabbergasting upsurge in oil futures’ prices alongside a rally in healthcare shares over likely development on pandemic drugs, while an ease in lockdown on a number of US states had fuelled up investors’ optimisms further.
Although, Dow and S&P 500 had pared some of their earlier losses on Tuesday (May 5th), Tuesday’s (May 5th) Wall St. took a sharp U-turn in the late-afternoon trading despite a robust beginning of the day, after the US Federal Reserve Vice Chairman, Richard Clarida had made tempestuous remarks regarding the depth of US economic contraction.
Meanwhile, as a boost in healthcare stocks led by the progresses in pandemic drugs from Pfizer alongside Regeneron Pharmaceuticals and an ease of lockdown in several US states, had spurred up risk-appetite substantially and contributed sharply to Tuesday’s (May 5th) rally in the Wall St., referring to a shimmering ray of hope for the US economy, a portfolio manager at Kingsview Investment Management, Paul Nolte said on Tuesday (May 5th), “We are starting to see some states open up, we are starting to see some activity.
We are probably now in the midst of the worst period and things will be gradually improving from here. ” Citing statistics, on Tuesday’s (May 5th) Wall St. round off, Dow added 0.56 per cent to 23,883.09 and S&P 500 rose by 0.90 per cent to 2,868.44 over the gains of healthcare stocks, while the tech-heavy Nasdaq led the charges on Tuesday’s (May 5th) Wall St. and had winded up the day 1.13 per cent higher to 8,809.12.