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On Tuesday (14), optimism on Wall Street continued: Hope for a slowdown in the U.S. epidemic and an economic restart has erased negative earnings reports from banks, and all four major indices opened.
During the session, White House economic adviser Larry Kudlow revealed that United States President Trump will issue an important statement on the resumption of employment guidelines within two days to encourage American stocks to expand their profits. .
The final four major indices rose sharply, Dow Jones rose nearly 600 points, the S&P 500 S&P index broke the 2800 level and jumped to a one-month high. Tech stocks pushed the Nasdaq 100 Index to break the daily averages of 50, 100 and 200.
Wuhan pneumonia (COVID-19) has devastated more than 212 countries worldwide and currently has more than 1,949 million people infected with at least 123,000 deaths. The number of diagnosed cases in the United States exceeded 580,000, and 24,000 died.
Trump recently said he has the absolute power to restart the economy, but the U.S. states ignore it. The seven east coast states and the three west coast states joined together Tuesday to reach a regional agreement to lift the ban and restart the economy.
Anthony Fauci, the leading infectious disease expert in the United States, is concerned about Trump’s goal to resume work on May 1. He believes that this measure is too optimistic for some parts of the United States.
Tuesday (14) Performance of the US stock index:
- The Dow Jones Index of US stocks rose 558.99 points, or 2.39%, to close at 23,949.76 points.
- The S&P 500 Index rose 84.43 points, or 3.06%, to close at 2,846.06 points.
- The Nasdaq index rose 323.31 points, or 3.95%, to close at 8,515.74 points.
- The Philadelphia semiconductor index rose 72.08 points, or 4.44%, to close at 1,695.76 points.
The five giants of science and technology rose collectively. Amazon (AMZN-US) rose 5.28%; Apple (AAPL-US) rose 5.05%; Facebook (FB-US) rose 1.93%; Alphabet (GOOGL-US) rose 4.53%; Microsoft (MSFT-US) up 4.95%
Dow Jones 30-point constituent shares closed higher. Walgreens United Bose (WBA-US) rose 5.15%; Jiao Sheng (JNJ-US) rose 4.48%; P&G (PG-US) rose 4.32%; Raytheon Technology (UTX-US) fell 5.87%; JPMorgan Chase (JPM-US fell 2.79%; Boeing (BA-US) fell 4.30%; Exxon Mobil (XOM-US) fell 0.77%.
Semi-constituent stocks are constantly red. AMD (AMD-US) once again led the increase by 7.83%; Micron (MU-US) rose 3.14%; Intel (INTC-US) rose 3.34%; Nvidia (NVDA-US) rose 5.23%; Qualcomm (QCOM-US) rose 5.80%%; Applied Materials (AMAT-US) rose 5.19%.
Taiwan ADR shares are in full swing. TSMC ADR (TSM-US) increased 3.86%; ASE ADR (ASX-US) increased 6.88%; UMC ADR (UMC-US) increased 2.94%; Chunghwa Telecom ADR (CHT-US) increased 0.39%.
Focus Corporate News
The financial reporting season began and financial stocks opened their first shots. JPMorgan announced the first-quarter earnings report before the market, and its earnings fell 69% to $ 2.87 billion, a new low for more than 6 years. Wells Fargo (WFC-US) net profit plunged 89%. The main reason for the sharp decline in profits was that the two banks made huge reserves for credit losses from the epidemic. The two banks fell 2.79% and 3.98% respectively.
Jiaosheng (JNJ-USA) Announced strong sales results and increased quarterly dividends. Its share price rose 4.48% to $ 146.03 per share on Tuesday.
Benefiting from the unprecedented changes in demand caused by the epidemic, e-commerce giant Amazon (AMZN-US) rose 5.28% to $ 2,283.32 per share, a record.
Wall Street Analysis
The International Monetary Fund (IMF) announced the latest issue of “World Economic Outlook” on Tuesday (14). World GDP is expected to shrink by 3% in 2020, for fear of experiencing the worst economic recession since the Great Depression of 1930.
According to the latest survey by Main Street America of 7.5 million small businesses, approximately two-thirds of companies said that if the business disruption caused by the epidemic continues for 5 months, they may be forced to permanently suspend their business. .
Sam Huszczo, founder of SGH Wealth Management, said: “People feel comfortable during the recession … Big stocks still dominate and are more stable.”
Lauren Goodwin, economist at New York Life Investments, said: “The valuation of tech stocks before the New Crown Crisis is so high that people thought they would expect the biggest decline, but they didn’t. These tech companies have high cash flows. ” Employees can work from home, they are creators of tools that work from home … These are the characteristics of a very dynamic company “.
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