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Tuesday, July 7, 2020

US stocks post biggest weekly gain in 46 years

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American stocks have just registered their biggest weekly rise since 1974 despite the gloomy economic outlook.

The Wall Street S&P 500 index rose 12% this week as the US central bank announced more stimulus packages to support the economy.

The financial markets have experienced extreme volatility as the economic impact of the coronavirus worsens.

Gold prices have peaked in seven years, with many investors remaining cautious about the future of the global economy.

“It looks like the Fed is on a mission to make holes in every dam that stops the flow of credit. And it looks like they have much more dynamite if necessary,” said Stephen Innes, chief market strategist at Axicorp.

“The markets were encouraged by the flattening of the corona curves in Europe, the breakout of blockages in China and the discussions on a global economic reopening. Optimism at the level surprised practically everyone by surprise.”

The Federal Reserve said on Thursday that an additional $ 2.3 trillion was available to support the debt markets, saying it would act “forcefully, proactively and aggressively” to combat an economic tidal wave. .

The strong words came after the data showed that unemployment claims in the United States jumped 6.6 million, bringing the three-week total to more than 16 million unemployed and seeking benefits.

Fed President Jerome Powell Stressed Central Bank Measures Temporary, But “No Limits” On Dollar Amounts It Can Deploy For Programs Already On The Pounds .

The markets were also lifted by comments from Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases, who said there could be fewer deaths from the coronavirus than expected.

It placed the number at around 60,000 Americans, compared to previous estimates of up to 240,000 deaths.

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