Economy Dow Jones recovers more than 20 percent in 3...

Dow Jones recovers more than 20 percent in 3 days

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The recovery is the strongest 3-day performance since 1931, according to the CNBC financial information service. Since the beginning of the year, the Dow has nevertheless been down about 21 percent.

The US stock markets continued their recent recovery on Thursday, posting the third clear consecutive profit day. Terrifying US job market data did not worry investors on the day of the report. By contrast, investors took a positive view of the political agreement on a massive stimulus package to support the economy in the Corona crisis.

The Dow Jones climbed a whopping 6.38 percent or 1,351.62 points to 22,552.17 units. After the world’s best-known stock market barometer dropped to its lowest level since November 2016 at the beginning of the week, it has now recovered by a remarkable more than 20 percent in three days. According to the financial information service CNBC, this is the strongest 3-day performance since 1931. Since the beginning of the year, the Dow has nevertheless been down by around 21 percent. The S & P-500 improved 6.24 percent or 154.51 points to 2,630.07 points and the Nasdaq Composite rose 5.60 percent or 413.24 units to 7,797.54 points.

Aid package could accelerate economic recovery

After some back and forth, an aid program weighing around two trillion US dollars had been approved on Thursday night. A Goldman Sachs economist sees the package as a medium-term opportunity to accelerate an economic recovery. In the short term, however, the weak growth will probably not change much, since the foreseeable decline in economic activity is due to the physical restrictions with which the pandemic will be countered.

Terrifying data was already coming from the job market. As a result of the worsening of the corona pandemic in the United States, initial jobless claims have skyrocketed. Their number has increased tenfold in the week to March 21 from 282,000 to approximately 3.3 million, as the US Department of Labor said. That was an unprecedented increase. The previous record was 695,000 in 1982.

Jerome Powell, Fed chairman, also spoke. He fears that the United States may already be in recession, as he said on television, but at the same time did not rule out further emergency measures in the fight against the consequences of the virus crisis. The central bank would not run out of “ammunition”, Powell assured.

Price increases run across all industries

The Boeing Favorit share was again up 13.8 percent in the Dow. The paper continued its impressive recovery of the past three trading days. The course has almost doubled since Monday, with the prospect of billions of dollars in government aid for the difficult-to-count aircraft manufacturer continuing to drive.

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The price increases again went across the industries. The Dow also looked for shares in Chevron, Coca Cola, Goldman Sachs, Intel, IBM, JPMorgan, Microsoft, Nike, Pfizer, Procter & Gamble, The Home Depot, The Travelers, United Health, United Technologies, Walgreens and Verizon Communications with a markup of at least six percent.

Caterpillar built a 5.6 percent increase. The world’s largest manufacturer of construction machinery has withdrawn its forecasts for the current year due to the virus crisis.

A sales recommendation from Goldman Sachs reduced the share of the manufacturer of meat replacement products Beyond Meat by minus 2.6 percent. The paper of the online travel agency Expedia also fell by 2.3 percent after Goldman Sachs also recommended this share for sale.

(APA)

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