Wall St. surges as financials’ gain outweighs pandemic fear



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Wall St. surges as financials’ gain outweighs pandemic fear

On Thursday, all three key indices of Wall St. had rounded off the day sharply higher, while the trade-sensitive Dow Jones Industrial Average led the charges with bank stocks surging ahead of the Fed annual stress test result, eventually overshadowing worries over a steady rise in pandemic cases across the United States.

However, although the Thursday’s Wall St. had registered hefty gains, all three key indices had experienced wild swings throughout the day, as investors’ panic over growing pandemic cases in the United States had reflected in the money markets.

In point of fact, while a number of analysts were quoted saying that the battered banking sector in the US stock indices, which gained 3.4 per cent on Thursday, had tuned up the market complexion after banking regulators had eased off rules ahead of the Fed’s annual stress results, another set of Wall St.

analysts had told that the gains were resulted from a buying spree following a broad-based sell-off on yesterday’s market.

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Citing statistics, on Thursday’s Wall St. closing bell, the trade-sensitive Dow Jones Industrial Average gained 1.18 per cent to 25,745.60 and the benchmark Standard & Poor 500, accountable for roughly 45 per cent of entire trading activities in the Wall St., surged 1.10 per cent, while the tech-heavy Nasdaq Composite climbed 1.09 per cent to curtain off the session at 10,017.00.

Meanwhile, as the banking sector appeared to have elbowed the Wall St. higher, a managing director of equity trading at Wedbush Securities in LA, Michael James said on the day’s market round off, “None of those issues that caused yesterday’s weakness were really resolved today.

You could argue that the market could be a fair amount lower. The reason we’re not is there is still some understanding that things are going to have a brighter ending at some point.