The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
Wall Street goes up
On Tuesday, the American stock market rallied due to shares of technology and pharmaceutical companies, with investors optimistic about the reporting season. Additionally, they seem to be less worried about the US and Syrian allies' blows.
On Friday, the stock market fell due to concerns about the situation in Syria. However, investors definitely worried less about the possibility of retaliatory actions on the part of Russia, which appears to be a true ally of Assad.
Netflix closed the session down by up to 1.2%, although went up by approximately 7% in over-the-counter trades when the company published its quarterly report. The growth of the number of subscribers Netflix managed to surpass the forecasts of analysts.
Analysts suggest that the profits of companies included in the S&P 500 index for the first quarter increased by approximately 18.5% year-on-year, which would be the maximum surge for seven years, according to Thomson Reuters.
At the close of the New York Stock Exchange, the Dow Jones index rallied 0.87% hitting 24,573.04. The S &P500 index tacked on by 0.81% showing an outcome of nearly 2.677.84, while the Nasdaq Composite index soared 0.7% tacking on approximately 7.156.29.
As for the index of the technological sector of the S&P 500, the given benchmark managed to inch up by about 0.7%. In addition to this, the health sector index in the United States added about 0.8%. UnitedHealth shares climbed up 2.7% before the report was officially unveiled. At the same time the price of Microsoft Corp. ascended up to 1.2%.
Paper Merck tacked on about 2.6% on the background of positive results of testing the drug against cancer Keytruda.
Apart from that shares of Bank of America inched up about 0.44% after the bank reported on the quarterly profit that surpassed numerous forecasts.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
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