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Alba Iulia
Monday, June 1, 2020

Wall Street settles against Senate procrastination

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The Dow Jones closed on a 2.39% advance at 21,200.55 points after approaching the 22,000 point mark a few hours earlier.

The New York Stock Exchange gave up part of its gains at the very end of the session on Wednesday, the US Senate delaying to adopt a recovery plan for the world’s largest economy, hit hard by the coronavirus pandemic.

The Dow Jones Industrial Average gained 2.39% to 21,200.55 points. The day before, it had experienced its largest increase in one session since March 1933, climbing more than 11%.

This is the New York spotlight index for the second straight session up, which had not happened in more than a month.

The Dow Jones was carried Wednesday by Boeing, whose title soared more than 24%, the largest increase since the IPO of the aircraft manufacturer. Investors seem to be confident that Boeing is going to be one of the big winners in US economic aid.

The technologically-strong Nasdaq fell 0.45% to 7,384.29 points, while the broad S&P 500 index gained 1.15% to 2,475.56 points.

The indices, which had moved sharply in the green since the start of the session, fell just before the close as discussions seemed to drag on in the Senate over massive aid to the US economy.

On the night of Tuesday to Wednesday, elected Democrats and Republicans had yet reached an agreement on this text, which must also be approved by the House of Representatives and ratified by the American President, Donald Trump.

But as of yet, no final text has been presented and no time has been announced for a vote in the Senate.

These measures, which could mobilize close to $ 2 trillion, are intended to protect the most vulnerable American households and bring a breath of fresh air to small and medium-sized businesses, hard hit by the very sharp economic slowdown.

For JJ Kinahan, of TD Ameritrade, the progress of the Dow Jones and the S&P 500 these last two days is to be taken with tweezers.

If these increases are not insignificant, “what would be even better would be to stay in an area where stock market movements are more predictable so that market players can invest with a little more certainty,” said the expert.

“At the moment, it is impossible because we do not know what the market will do in the next 5 minutes,” said Kinahan.

On the bond market, the 10-year rate on the US debt was almost stable, standing at 0.8465% around 20:20 GMT.

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