Can stocks recover after finishing Tuesday in the red?
The stock market looks set for another volatile day of trading after opening slightly higher on Wednesday, as Wall Street continues to digest new data about the coronavirus pandemic and whether the number of new cases is slowing.
At Wednesday’s open, the Dow Jones industrial average gained 1.1%, around 250 points, while the S&P 500 rose 1.1% and the Nasdaq Composite was up 1.2%.As of Wednesday, the U.S. now has nearly 400,000 confirmed cases of coronavirus, according to Johns Hopkins University data. Global cases have topped 1.4 million.
Some Wall Street investors are increasingly optimistic that the economy can eventually recover, pointing to a decline in the number of daily new cases since last week.against undue optimism, since the coronavirus will continue to have a negative impact—especially on upcoming first quarter earnings—for the foreseeable future.
“We are still in the early innings of downward EPS revisions,” Lori Calvasina, head of U.S. equities for RBC Capital Markets, wrote in a recent note. “Further downward revisions could keep equity market conditions choppy,” she cautions.Oil prices, which have been hit by an ongoing price war, also moved slightly higher on Wednesday, rising over 2% the day before OPEC+ is set to hold a virtual meeting to discuss potential production cuts.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European markets expected to open slightly higher on hopes of tentative coronavirus recoveryEuropean markets are expected to open higher Tuesday as investors hope that the region could be seeking a plateau in the coronavirus outbreak.
Read more »
Stocks rally at the openUS stocks rallied at Monday's open following some encouraging data that showed a slowdown in coronavirus infections in multiple countries. Follow live updates:
Read more »
Stocks Rally, Oil Drops at Start of Challenging WeekThe Dow and S&P 500 rose as investors looked to early signals that lockdowns in the U.S. and Europe were helping slow the spread of the coronavirus pandemic.
Read more »
Analysts continue to upgrade stocks like Tesla and eBay on hopes the rebound is for realNew for subscribers: Analysts continue to upgrade stocks like Tesla and eBay on hopes the rebound is for real Check out CNBCPro and get your first 30 days free.
Read more »
The bullish case for stocks with major averages already up more than 20% from the lowsStocks powered higher Monday, amid a glimmer of hope that coronavirus cases may be getting close to peaking.
Read more »
Stocks Soar, Dow Up 1,600 Points As U.S. Coronavirus Cases Appear To Slow Down“Everyone is just desperate for good pieces of news,” said one market strategist. “It doesn’t necessarily reflect anything fundamental. Nothing’s changed.”
Read more »