New York stock exchange ekes out gains as Nasdaq pares 2020 declines
by SOURAV D | VIEW 1338
On Thursday, the 7th of May 2020, all three key indices of Wall St. had rounded off the day with modest gains with tech-heavy Nasdaq Composite wiping out all of its 2020 losses following a series of buoyant earnings’ report led by the payment processor PayPal Inc., while investors appeared to have overthrown the frets of weak job data and started to look beyond the pandemic-driven financial downturn.
In point of fact, Thursday’s (May 7th) Wall St. rally was almost entirely boosted by the tech and energy sub-sectors of S&P 500, while PayPal Holdings’ stocks space-dived as much as 14 per cent after the payment processor had been quoted saying that the company was expecting a robust recovery over the second quarter as more shoppers were purchasing online amid stiffer social distancing measures.
Meanwhile, as shares’ prices of Lyft Inc. and ViacomCBS Inc. jumped 21.7 and 10.3 per cent respectively followed by their earnings’ reports, setting the stages for a fleshed-up wind down of the day for Nasdaq, a Chief Investment Officer for Commonwealth Financial Network, Brad McMillan said on Thursday (May 7th), “Everything is going smoothly so far and I think there’s an assumption on the market’s part that that’s a good sign.
The market is looking at this and saying so far, so good. ” Quoting statistics, on Thursday’s (May 7th) Wall St. closure, Dow curtained the day 0.89 per cent higher to 23,875.89 and S&P 500 surged 1.15 per cent to 2,881.19, while the Nasdaq Composite climbed 1.41 per cent to 8,979.66.