Wall Street Shows Some Recovery After A Bad Week

The stock exchanges in New York started the new trading week with gains on Monday. With that, the indicators on Wall Street show some recovery after the massive price losses of last week.

 

US investors continue to monitor developments around the new coronavirus.

Shortly after the opening bell, the Dow-Jones index was 0.8 percent higher at 25,619 points. The S&P 500 also won 0.8 percent, to 2978 points. Tech Fair Nasdaq gained 1 percent in 8548 points. The indicators on Wall Street recorded the most substantial losses last week since the financial crisis for fear of the economic impact of the coronavirus.

In the financial markets, the expectation is that central banks will come up with support measures to mitigate the impact of the virus outbreak.

The Federal Reserve stated that it was ready to take appropriate action against the economic consequences of the virus. It is now expected that the American umbrella of central banks will come with an interest rate cut later this month.

The Chinese web store JD.com, which is listed in New York, won more than 6 percent, helped by better-than-expected results. JD.com indicated a revenue growth of more than 10 percent for the current quarter despite the impact of the coronavirus.

The company emphasized that this is a preliminary estimate and that there are uncertainties associated with the virus.

Attention is also paid to motorcycle manufacturer Harley-Davidson (minus 1.7 percent) after the unexpected departure of CEO Matt Levatich. He was at the helm of Harley-Davidson for five years, now looking for a permanent replacement. In recent years, the company has been struggling with falling sales and a sharp fall in the share price.