Stocks surged at the open, one day after posting their worst day since the Oct. 1987 crash. The Dow Jones Industrial Average jumped 1,238 points, for a gain of 5.8%. The S&P 500 rose 5.2%, while the Nasdaq Composite jumped 5.7%.The Dow Jones Industrial Average index was more than 1,200 points higher at the open on Friday amid market recovery from yesterday’s fall.The Dow Jones jumped 5.32% at the opening bell. Intel Corp (NASDAQ: INTC) was among the best performers, adding 9.16%. The Nasdaq 100 added 5.55% as the session started pushed higher by Adobe Inc (NASDAQ: ADBE) that grew 9.95%. The S&P 500 also surged, adding 5.45%. Seagate Technology Plc (NASDAQ: STX) rose by 4.09%. The euro declined 0.67% against the dollar, buying 1.11117.Mnuchin: Market Crash is a Great Investment
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Stocks surged at the open, one day after posting their worst day since the Oct. 1987 crash. The Dow Jones Industrial Average jumped 1,238 points, for a gain of 5.8%. The S&P 500 rose 5.2%, while the Nasdaq Composite jumped 5.7%.
The Dow Jones Industrial Average index was more than 1,200 points higher at the open on Friday amid market recovery from yesterday’s fall.
The Dow Jones jumped 5.32% at the opening bell. Intel Corp (NASDAQ: INTC) was among the best performers, adding 9.16%. The Nasdaq 100 added 5.55% as the session started pushed higher by Adobe Inc (NASDAQ: ADBE) that grew 9.95%. The S&P 500 also surged, adding 5.45%. Seagate Technology Plc (NASDAQ: STX) rose by 4.09%. The euro declined 0.67% against the dollar, buying 1.11117.
Mnuchin: Market Crash is a Great Investment Opportunity
Treasury Secretary Steven Mnuchin stated that the recent stock market crash could be a “great investment opportunity” for long-term investors.
Speaking on CNBC, he made a parallel with the Wall Street crash of 1987, when stocks suffered the largest one-day drop up until yesterday. Mnuchin was himself a trader at the time.
Furthermore, the secretary sees the economy rebounding by the end of the year. “This is not like the financial crisis, where people don’t know when this will end, we will get through this,” he asserted.
He also added that the negotiations between President Donald Trump‘s administration and the House of Representatives regarding novel coronavirus (COVID-19) aid bills are “going well.”
Munchin went on further praising the “bipartisan effort” with the Democrat-controlled House to help small and medium-sized businesses. He described the bill as “the second inning in a baseball game,” calling the $8.3 billion coronavirus response package Trump signed into law last week “the first inning.” Mnuchin also hailed close cooperation with the Federal Reserve Chairman Jerome Powell, revealing that they are looking at a number of options to stimulate the national economy. “We intend to keep markets open,” Mnuchin pointed out.
Trump: If the Border Wasn’t Strong, We Would Have More Coronavirus Cases
United States President Donald Trump claimed on Friday that there would be many more coronavirus deaths in the country if his border policy was not “very strong.”
He said:
“To this point, and because we have had a very strong border policy, we have had 40 deaths related to CoronaVirus. If we had weak or open borders, that number would be many times higher!”
The Trump administration has banned all travel to and from China and the European Union in an effort to curb the spreading of COVID-19. On Thursday, Trump expressed hope that the coronavirus situation will improve soon and that the travel restrictions will be lifted quickly.
Treasury Yields Bouncing Back
Treasury yields also got back to life on Friday as investors returned to risk assets following the biggest Wall Street sell-off since “Black Monday” in 1987. The yield on the benchmark 10-year Treasury note jumped eight basis points to 0.98%, its highest level since March 5. The yield on the 30-year Treasury bond soared 12 basis points to 1.53%.
Consumer Sentiment 5% Down
Meanwhile, the consumer sentiment index in U.S. was down in March to 95.9, sliding 5% compared to February’s final figure of 101 but beating the estimates, according to the preliminary reading issued by the University of Michigan.
March report showed that the current economic conditions slightly decreased to 112.5 from 114.8 recorded a month prior, missing the estimates. It slipped 2% month-over-month.
Furthermore, the Index of consumer expectations landed at 85.3 in March from February’s reading of 92.1, dropping over 7%. The figure missed the estimates.
Banks Upgrading Companies
Even though the situation for almost every company is far from ideal, it seems that they came to this pandemic situation pretty well prepared. Banks decided to award this kind of management. Therefore, Wells Fargo (NYSE: WFC) upgraded Apple (NASDAQ: AAPL) to overweight from equal weight. Goldman Sachs (NYSE: GS) upgraded Morgan Stanley (NYSE: MS) to buy from neutral and upgraded Kraft Heinz (NASDAQ: KHC) to neutral from sell. Northland upgraded Advanced Micro Devices (NASDAQ: AMD) to outperform from market perform.
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