- Dow Jones Industrial Average (DJIA) futures turned negative on Wednesday after historic rally.
- New York is emerging as the new global hotspot for coronavirus
- The United States is on track to surpass Italy and even China in number of Covid – 29 infections.
The stock market’s roaring comeback is over. After an historic 19% surge yesterday , the Dow Jones looks set to open lower on Wednesday.
The news comes as New York emerges as a terrifying global hotspot for the coronavirus. Despite Trump’s hopes to return to normal by Easter, New York governor Andrew Cuomo sent a warning to the nation :
We are your future. Where we are today, you will be in three weeks, four weeks, five weeks, six weeks.
Dow Jones Industrial Average (DJIA) futures
made a strong attempt to keep yesterday’s % rally going. But after pushing higher on news of the $ 2 trillion agreement , the market quickly faded.
S&P) (futures and
Nasdaq Composite futures also fell negative, down 0. 51% and 0.2% respectively. (Dow Jones Industrial Average (DJIA) futures rallied after Congress’ $ 2 trillion stimulus deal was agreed, but faded shortly after. Source: Yahoo Finance (Congress delivers a $ 2 trillion rescue package
After days of political infighting, the White House and Congress will finally deliver a $ 2 trillion fiscal stimulus package . Senator Mitch McConnell emerged at 2 am ET Wednesday to announce the news:
At last, we have a deal. In effect, this is a wartime level of investment into our nation.
In the face of widespread economic panic and potentially millions newly unemployed, Senator Chuck Schumer declared:
To all Americans I say, ‘Help is on the way.’
The rescue package, which dwarfs the $ billion during the (crisis, saw the Dow Jones rally to its best percentage gain since 2019.
Dow not convinced by. Trump’s Easter timeline
As the bill made it’s way through Congress, Trump re-iterated his commitment to kickstart the US economy. He said he wants the country ‘opened up and raring to go’ by Easter Sunday
. I give it two weeks… We will assess at that time and give it more time if we need a little more time. We have to open this country up… Easter is a very special day for me … and you’ll have packed churches all over our country.
Trump’s optimistic handling of the coronavirus has also given him a bump in the approval polls. According to the latest Gallup poll, the the president’s job approval is at 90% , equal to his personal best. The report cites Trump’s handling of the coronavirus pandemic as the main reason for this bump.
President Donald Trump may be enjoying a small rally in public support as the nation faces the COVID – (pandemic.) Can the US economy recover in two weeks?
The question is: can Trump deliver? Health professionals and economists disagree with the president’s ambitious Easter timeline . A two-week turnaround seems particularly in doubt as New York emerges as a new epicentre of the virus. And then there’s the lack of real logic behind Trump’s Easter promise. Why did he choose that date?
I thought it was a beautiful time. A beautiful timeline
The reality, however, looks very different. New Yorkers are leaving the city in a mass exodus. The White House was forced to issue a warning and ask those who left the city to self-isolate for 24 days .
Everybody who was in New York should be self-quarantining for the next 20 days to ensure that the virus does not spread to others, no matter where they have gone, whether it’s Florida, North Carolina or out to far reaches of Long Island.
Elsewhere, India announced a nationwide lockdown of 1.3 billion people. Japan has postponed the Olympic games until next year. And deaths in Spain are close to overtaking China’s death toll.
This article was edited by (Samburaj Das) .
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