Stocks rallied this week as Washington acted to provide $2.2 trillion of relief to an economy shocked by the coronavirus outbreak, leaving some on Wall Street cautiously optimistic that the panicky selling that had gripped the market earlier may have come to an end. The gains came after two brutal weeks
1 / 2Financial Markets Wall StreetIn this image provided by Jay Woods, Woods, a Designated Market Maker with IMC and NYSE Floor Governor, who normally works on the New York Stock Exchange trading floor, works in his home office in Basking Ridge, N.J., Thursday, March 26, 2020. Stocks are opening lower on Wall Street, Friday, March 27, as the market gives back some of the gains it piled up over the past three days. Stocks rallied this week as Washington acted to provide $2.
A lot will depend on how badly the coronavirus outbreak stalled the U.S. economy. The government reported a historic spike in applications for unemployment benefits this week and more grim numbers are expected in the weeks ahead. Wall Street has been slashing its estimates for company profits even as the companies themselves say little publicly about the impact on their bottom lines.
Besides the chance to buy companies seen as oversold, the overall downturn in the markets in recent weeks is creating good opportunities for investors to buy into sectors of the market that will be “prevalent” for the next decade, said Solita Marcelli, deputy chief investment officer, Americas, at UBS Global Wealth Management. That includes e-commerce and technology companies that focus on things like gene therapies.
The push to deliver financial relief took on more urgency as the outbreak widened. The number of cases in the U.S. has surpassed those in China and Italy, climbing to more than 104,000 known cases, according to Johns Hopkins University. The worldwide total has topped 607,000, and the death toll has climbed to more than 28,000, while more than 130,000 have recovered.
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