Technology Dow closes up 1,600 points on hopes coronavirus cases are stabilizing
Coronavirus: Lebanon is placed in confinement, closes its airports
HEALTH-CORONAVIRUS-LEBANON: Coronavirus: Lebanon is placed in confinement, closes its airports © Reuters / MOHAMED AZAKIR CORONAVIRUS: LEBANON IS PLACED IN CONTAINMENT, CLOSES ITS BEIRUT AIRPORTS (Reuters) - Lebanon declared a medical emergency on Sunday and announced strict containment measures including the closure of its airports and most public institutions and private companies in order to fight the coronavirus epidemic.
Stocks ended sharply higher Monday, rebounding from deep losses in the previous week, as the number of new coronavirus cases in the U.S. appeared to slow.
The Dow closed up 1,627 points, or 7.7%, while the S&P 500 and Nasdaq also surged more than 7%.
Boeing gained more than 19% to lead the Dow higher. Raytheon Technologies, American Express and Visa rose more than 11% each. The S&P 500 was led higher by the utilities, consumer discretionary and tech sectors, all of which closed more than 7% higher. Retail stocks such as Nordstrom, Kohl’s and Macy’s also rose sharply.
Coronavirus-No new deaths, 10 more cases in China
HEALTH-CORONAVIRUS / CHINA: Coronavirus-No new deaths, 10 more cases in China BEIJING, April 23 (Reuters) - Chinese health officials said on Thursday they confirmed the day before 10 new cases of contamination with the coronavirus, a daily number decreasing, and having recorded no additional death linked to the epidemic, which appeared at the end of last year in the center of the country.
Investors were encouraged by data that shows a slowing in the number of daily U.S. coronavirus cases, although it is still early to determine a lasting trend. There were about 30,000 new cases on Thursday, 32,100 cases on Friday, 33, 260 cases on Saturday, and then a slowing to just 28,200 new cases Sunday, according to the latest data from Johns Hopkins.
The Trump administration also noted on Sunday there are signs of stabilization in hospital rates, helping to lift Wall Street sentiment on Monday. Meanwhile, New York State reported 594 new coronavirus deaths on Sunday, fewer than 630 on Saturday, marking the first daily decline in coronavirus-related deaths.
“Incoming data suggests NY state might peak sooner than Cuomo’s optimistic case,” Tom Lee, the head of research at Fundstrat, said in a note to clients. “With better visibility on the healthcare crisis in the US, particularly, on a potential to model a national peak, we believe buyers are now taking control.”
Faced with the coronavirus, Italy closes schools and universities
HEALTH-CORONAVIRUS-ITALY: Faced with coronavirus, Italy closes schools and universities © Reuters / GUGLIELMO MANGIAPANE FACING CORONAVIRUS, ITALY CLOSES SCHOOLS AND ROME UNIVERSITIES (Reuters) - The Italian government has decided to close schools and universities across the country until mid-March as part of the fight against the spread of the coronavirus, sources said on Wednesday. government confirming information from the Ansa agency. The closure will take effect on Thursday.
Slowing death rates in Europe also offered up some hope that the U.S would be nearing its peak soon as well and that social distancing measures are working.
Last week, the major averages posted their third weekly decline in four. The Dow slid 2.7% while the S&P 500 lost 2.1%. The Nasdaq Composite closed last week down 1.7%. Stocks are also deep in bear-market territory as concerns over the coronavirus outbreak have virtually shut down the global economy and have dampened sentiment around corporate profits.
“I am beginning to get optimistic,” Pershing Square’s Bill Ackman said in a tweet Sunday. “Cases appear to be peaking in NY. Almost the entire country is in shutdown.”
Some optimism has helped to infuse stability in the markets. A marked slowing increase in death rates and new infections in the hardest-hit countries, such as Italy and Spain, has sparked some positive momentum in global equities, with Europe’s Stoxx 600 jumping 3.7%.
Coronavirus-USA exceeds one million cases, according to a Reuters count
HEALTH-CORONAVIRUS / USA (PHOTO, INFOGRAPHIC): Coronavirus-The USA exceeds one million cases, according to a Reuters count April 28 (Reuters) - The new Coronavirus had infected more than a million people in the United States on Tuesday, a toll that has doubled in the space of 18 days and which represents a third of the cases officially counted in the world, shows a count established by Reuters.
The S&P 500 has bounced more than 21% from an intraday low low set on March 23. The Dow has rebounded over 24% since then.
However, the U.S. is by far the country with the most cases at over 330,000. On Saturday, U.S. President Donald Trump warned, “there will be a lot of death,” noting the U.S. faces its “toughest week” in its fight against the virus.
“If we are fortunate to see an effective treatment there will be plenty of capital gains opportunities. For me capital preservation is more important than capital gains,” said Marc Chaikin, CEO of Chaikin Analytics. “Use sharp bear market rallies, like we saw last week, to raise sufficient cash to enable you to withstand further declines without panicking.”
In oil markets, prices were still down after a key meeting got postponed. West Texas Intermediate futures fell 8% to $26.08 per barrel.
The meeting between OPEC and Russia was scheduled for Monday, but sources familiar with the matter told CNBC it will “likely” take place Thursday. The delay comes after Trump told CNBC last week he expected both countries to cut production by up to 15 million barrels.
Coronavirus: Seven additional cases of infection reported in China
HEALTH-CORONAVIRUS-CHINA-BALANCE SHEET: Coronavirus: Seven additional cases of infection reported in China © Reuters / ALY SONG CORONAVIRUS: SEVEN ADDITIONAL INFECTION CASES REPORTED IN CHINA SHANGHAI (Reuters) - Seven new cases of coronavirus contamination were confirmed on Sunday in mainland China, bringing the total number of cases in the country to 82,954 since the epidemic broke out there late last year, Chinese health officials said on Monday.
Trump’s comments helped U.S. crude post its biggest-ever weekly gain. West Texas Intermediate futures rallied 12% last week. WTI also jumped 24% on Thursday for its best day on record, lifting equity prices that day as concern about financial and job losses in the energy sector eased.
Crude has taken a beating this year as Saudi Arabia-led OPEC and Russia failed to reach a deal on production cuts while the global spread of the coronavirus dampens the demand outlook for oil. Year to date, WTI has lost more than half of its value.
CNBC’s Eustance Huang contributed to this report.
Coronavirus: China reports 143 cases and 30 additional deaths .
HEALTH-CORONAVIRUS-CHINA: Coronavirus: China reports 143 cases and 30 additional deaths © Reuters / Aly Song CORONAVIRUS: CHINA REPORTS 143 CASES AND 30 ADDITIONAL DEATHS BEIJING (Reuters) - Chinese health officials announced on Friday that they had identified 143 new cases of coronavirus contamination and 30 additional deaths linked to the epidemic in mainland China the previous day.