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On Wednesday (7), the president of the United States, Trump, changed his attitude and asked Congress to immediately approve the bailout case for the aviation industry and small businesses. Wall Street was in high sentiment, competing to bid for value stocks and airline cruise stocks.
All four major indices rose simultaneously: UMC and TSMC ADRs rose sharply and the Dow Jones closed 530 points in the red, the biggest one-day gain since mid-July.
Unlike yesterday’s suspension of negotiations on a new stimulus bill, Trump broke the ice on Wednesday and asked Congress that it was ready to sign new specific relief measures, including bailing out the airline industry by $ 25 billion and $ 135 billion in small business funding. Protection Plan (PPP) “.
On Wednesday, the Federal Standards Committee (Fed) announced the minutes of its September meeting. Members of the Federal Standards Committee appealed to Congress that the lack of assistance from the new congressional stimulus bill would threaten America’s economic recovery.
The Fed expects interest rates to remain at least close to zero through the end of 2023, with clearer future guidance. Some officials are concerned about the new average inflation policy, believing it will limit the Fed’s flexibility.
The global epidemic of new corona pneumonia (COVID-19) continues to spread. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide has exceeded 35.8 million and the number of deaths has exceeded 1.05 million . The cumulative number of confirmed cases in the United States exceeds 7.5 million and the cumulative number of deaths exceeds 210,000.
The performance of the four major US stock indices on Wednesday (7):
- The Dow Jones index rose 530.70 points, or 1.91%, to close at 28,303.46 points.
- The S&P 500 Index rose 58.50 points, or 1.74%, to close at 3,419.45 points.
- The Nasdaq index rose 210.00 points, or 1.88%, to close at 11,364.60 points.
- The Philadelphia Semiconductor Index rose 47.75 points, or 2.09%, to close at 2,328.84 points.
Driven by optimism from additional fiscal stimulus measures, the share prices of the four major US airlines and major cruise operators rose.
United Airlines (UAL-US) rose 4.30%; American Airlines (AAL-US) rose 4.31%; Delta Airlines (DAL-US) was up 3.51%; Southwest Airlines (LUV-US) was up 2.69%.
Carnival Cruise Line (CCL-US) and Norwegian Cruise Line (NCLH-US) rose more than 4%, and Royal Caribbean Cruises (RCL-US) were up 2.76%.
The top five tech giants only declined on Facebook. Apple (AAPL-US) 1.70%; Microsoft (MSFT-US) 1.90%; Amazon (AMZN-US) 3.09%; Alphabet (GOOGL-US) 0.56%; Facebook (FB-US) fell 0.21%.
The constituent shares of Dow Jones collectively closed higher. Salesforce (CRM-US) was up 3.93%; Boeing (BA-US) rose 3.18%; Hanwei United (HON-US) rose 2.79%; United Health (UNH-US) was up 2.77%; 3M (MMM-US) rose 2.63%.
Fei’s semicomponent stock rose simultaneously. AMD (AMD-US) was up 2.62%; Micron (MU-US) was up 2.30%; Intel (INTC-US) rose 2.53%; NVIDIA (NVDA-US) was up 1.66%; Qualcomm (QCOM-US) was up 2.92%; Materials (AMAT-US) rose 1.19%; Broadcom (AVGO-US) was up 0.76%.
UMC ADR performs best on Taiwan stocks. UMC ADR (UMC-US) was up 7.39%; TSMC ADR (TSM-US) was up 4.57%; ASE ADR (ASX-US) rose 2.44%; Chunghwa Telecom ADR (CHT-US) fell 0.38%.
Featured Stock News
Netflix (NFLX-US) was up 5.69% to $ 534.66 per share. Investment bank Pivotal Research raised Netflix’s price target to $ 650. It is estimated that the larger its subscriber base and the more original content it invests in, it will help increase its potential market share and reduce the loss of existing subscribers.
EU antitrust officials on Wednesday accepted Broadcom’s (AVGO-US) pledge and ended a year-long antitrust investigation. In the end, they did not mention the fault of the US chipmaker and its share price rose 0.76%.
Amazon’s annual Prime Day is approaching, and investment bank JPMorgan Chase reiterated Amazon’s “Buy” rating. Analyst Doug Anmuth predicts that membership day will bring Amazon $ 7.5 billion in revenue (an annual increase of 42%), which is a golden day to buy stock in the company.
Eli Lilly and Company (LLY-US) was up 3.35%. The company applied to the United States Food and Drug Administration (FDA) for approval of the drug LY-CoV555, which reduces the rate of hospitalization for new crowned patients. Eli Lilly said that when the drug is used in combination with his LY-CoV016 antibody treatment, similar results are obtained.
Wall Street Analysis
Tom Lee, founder and director of research at Fundstrat Global Advisors, said that if Congress reaches an agreement on stimulus measures, the market will skyrocket. However, if piecemeal measures are introduced successfully, it will still be good for the market because it shows a sense of urgency.
Tom Lee mentioned that I think the current economy is at a low point because there are still a lot of restrictions, and I think people are very scared to leave their homes, so it is very important to build some kind of bridge before the economy I think the stock market is still uncertain in the short term. The US elections also caused a lot of volatility.
Tom Lee judged that after the general election, no matter who wins, investors can invest in the same way. Based on the solution of the new crown crisis, both candidates are expected to immediately promote a large spending plan.
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