Australia  

Wall Street rebounds from Monday's sell-off

Video Credit: Reuters Studio - Duration: 01:45s - Published
Wall Street rebounds from Monday's sell-off

Wall Street rebounds from Monday's sell-off

The Dow soared more than 1000 points, and the S&P 500 tacked on 6% Tuesday, a day after the steepest decline since the 1987 crash.

As Fred Katayama reports, the Fed took several steps to boost liquidity.

0
shares
ShareTweetSavePostSend
 

Wall Street rebounds from Monday's sell-off

Stocks on Wall Street bounced back Tuesday in a volatile session that saw the Dow trade in a 1500 point range.

One day after stocks suffered their steepest declines since the 1987 crash, the Dow rose 5%.

The S&P 500 and Nasdaq added 6%.

Investors PICKED up stocks in defensive sectors like utilities, real estate and consumer staples.

Helping drive the markets higher: the Fed said it'll buy short-term corporate debt so companies can keep paying workers and buying supplies.

Separately, President Donald Trump announced a plan to send Americans $1,000 checks to ease the economic shock from the coronavirus crisis.

Tactical Income co-founder, Jeff Tomasulo, is an options trader.

SOUNDBITE: JEFF TOMASULO, CO-FOUNDER, TACTICAL INCOME, (ENGLISH) SAYING: "The Federal Reserve has done everything they could to try to add to liquidity so that there's money flowing, so banks can lend to businesses, and that's what they're trying to do.

It's more about making small businesses and people understand that there is an end here." Back on Wall Street, healthcare stocks were among the top gainers.

Pfizer signed a deal to jointly develop a potential coronavirus vaccine with Germany's BioNTech.

Regeneron Pharmaceuticals said it had identified antibodies to potentially treat the coronavirus.

The pandemic was a factor leading Standard & Poor's to downgrade Boeing's credit rating, reflecting its worsening cash flow.

Boeing shares tumbled, weighing on the Dow and S&P.

Despite the volatility, trading on Wall Street will continue: Amid speculation that the exchanges would shut down, the head of the Securities and Exchange Commission said the markets should stay open.



Related news from verified sources

Stocks surge on Wall Street following worst day since 2008

Stocks are surging on Wall Street following the market's worst day since the financial crisis of...
Sydney Morning Herald - Published

Fed unleashes historic measures but losses continue on new-look Wall Street

On an historic day on Wall Street, the pain continued for investors, despite the Fed announcing...
Sydney Morning Herald - Published


You Might Like


Tweets about this


Related videos from verified sources

Stocks Rise Thursday; But Don’t Be Fooled: Wall Street’s Nervous [Video]

Stocks Rise Thursday; But Don’t Be Fooled: Wall Street’s Nervous

The $2 trillion spending plans was passed by the Senate, but the historically high jobless claims are causing massive fear on Wall Street.

Credit: The Street     Duration: 01:31Published
Where Stocks Closed Wednesday and What Top Wall Street Analysts Are Saying [Video]

Where Stocks Closed Wednesday and What Top Wall Street Analysts Are Saying

Stock gains lost steam throughout the day Wednesday. Wall Street likes the $2 trillion fiscal spending package from Congress but has its concerns.

Credit: The Street     Duration: 01:26Published