Wall Street's main indexes surged and the Nasdaq hit its highest level in three months on Wednesday as investors clung to hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.
- Wall Street’s main indexes surged and the Nasdaq hit its highest level in three months on Wednesday as investors clung to hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.
“If we can break through the 3,000 level with some conviction, that’s going to be a positive sign, and it’s probably going to draw more money off the sidelines.” Meanwhile, U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell have said the government and the central bank were considering more steps to ensure the worst-hit areas of the economy received adequate support.
Gains were broad-based with the cyclical sectors including industrials, energy and materials posting their biggest percentage gains on hopes of a pick-up in demand.Analog Devices Inc gained 8.4% after the chipmaker forecast third-quarter profit ahead of expectations.
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