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Stock indices began trading higher after President Donald Trump said Americans may be reaching the top of the “curve” in relation to the outbreak. New York Governor Andrew Cuomo said the state’s efforts for social separation are working to control the virus as one of the nation’s largest sources of infection.
/i.s3.glbimg.com/v1/AUTH_59edd422c0c84a879bd37670ae4f538a/internal_photos/bs/2018/L/s/fZhFhmSQiVdNpA7n6xiA/2018-12-06t130751z-426871487-rc123b0aaf30-rtrmadp-3-usa-trump-markets.jpg "Wall Street - Photo: Lucas Jackson / Reuters")
Wall Street – Photo: Lucas Jackson / Reuters
The Dow Jones Index rose 3.44% to 23,433.57 points. The S&P 500 advanced 3.41% to 2,749.98 points. And the Nasdaq Composite gained 2.58%, at 8,090.90 points.
“The main focus is ‘spike.’ What seems to be on the minds of all investors now is when the coronavirus cases will peak,” said Eric Freedman, chief investment officer at US Bank Wealth Management in North Carolina.
“At some point, economic considerations really begin to materialize. Also, what will the transmission mechanism of the economy be like, that is, at what stage will the economy restart.”
Stocks were further boosted as the healthcare industry gained ground following Sanders’ decision to suspend his campaign for the White House. Sanders’ proposal for a health-for-all policy would essentially abolish the private health insurance sector, which has been hiding the roles of companies in the industry for months.
UnitedHealth Group Inc rose 7.98%, the biggest boost for Dow, while Anthem shot 10.25%.
The Federal Reserve (Fed, the country’s central bank) released the minutes of last month’s two emergency meetings on Wednesday. They showed that officials were increasingly concerned about how quickly the pandemic was hurting the US economy and disrupting financial markets, prompting the BC to take “forceful action.”
