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US stock markets rose after the Fed’s giant crisis package. The S&P 500 Index is leaving its best week since 1974.
Stock markets around the world have fallen sharply in the wake of the viral crisis, but have recently recovered. However, the uncertainty remains high.
ANGELA WEISS / AFP
published:,
Updated.
To finish the benchmarks, which closed on Friday at Easter, trade:
- Broad S&P 500 Index up 1.45 percent
- Heavy industrial Dow Jones rises 1.22 percent
- Nasdaq technology index rises 0.77 percent
Earlier Thursday, the indexes rose more than 2 percent, but later parts of the increase evaporated.
Experts note that OPEC and other oil-producing countries have reached an agreement to cut 10 million barrels per day of production for two months from May, which is not enough to balance a struggling oil market.
– Strong week for actions
Wall Street rose sharply on Wednesday after Bernie Sanders announced his resignation from the race to become the Democratic presidential candidate. Earlier this week, the US stock exchanges. USA They also got up.
Thus, the S&P 500 Index had its best trading week since 1974, up 12 percent, according to CNBC.
– It has been a strong week for stocks and most likely with good reason. In general, many stocks are considered to be oversold, and then you have the help that’s underway in fiscal and Federal Reserve policy, says United States Chief Strategist Terry Sandven. Bank Wealt management for CNBC.
“It certainly helps sentiment, but we still find it difficult to be too positive as the duration of Covid-19 remains unknown,” he adds.
crisis package
The stock market jumps on Thursday after the US central bank. USA He announced a new crisis to help the country’s economy.
The Federal Reserve will now lend up to $ 2.3 billion, equivalent to NOK 23.7 billion. The money should be able to support both households and employers of all sizes, the central bank writes in a statement.
“Our country’s top priority must be addressing the public health crisis, caring for the sick and limiting the spread of the virus,” Fed chief Jerome Powell said in a statement.
Also read
Read more about the Fed crisis package here
crisis numbers
Before the stock market opened, there were also figures showing that the number of first-time jobless claims in the United States (jobless claims) increased by 6.6 million last week.
However, investors are ignoring this because of the giant Fed crisis package, US media experts said.
In advance, the number of social security applicants was expected to be 5.25 million during the period, according to Infront TDN Direkt.
The total now exceeds 16 million new unemployed in the United States in the past three weeks.
Also read
6.6 million applied for unemployment benefits in the United States last week
Oljeuro
Markets have been waiting for excitement at the crisis meeting between OPEC and other key oil producers on Thursday. Oil prices have fluctuated markedly throughout the day and night in light of recent reports.
First, a cut of 20 million barrels per day was discussed.
That raised the price of oil, but countries should agree to cut 10 million barrels a day, according to news agencies like Reuters and Bloomberg. This will be binding for two months from May 1.
Evolution has reduced oil prices.
Since the peak earlier today, it has dropped about 11 percent to $ 32 a barrel.
“A deal of 10 million barrels per day is much lower than the market needs at the moment,” says Bjørnar Tonhaugen for the oil market at Rystad Energy in a comment.
Thursday’s messages have not been confirmed. Details of size, distribution and length have also not been confirmed.
