Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Both the Dow Jones and the Nasdaq Composite managed increased but started to lose points as the COVID-19 outbreak continues to spread, affecting over 1 million people globally.
Even as the coronavirus pandemic continues to ravage the world both health-wise and financially, there seems to be some much-needed respite coming in from the world’s financial markets. Regardless of how long this respite will last, Wall Street is seeing some interesting and generally optimistic upward movement currently most evident in the Dow Jones Industrial Average (DIJA) amid the COVID-19 pandemic.
Dow Jones Spikes Despite COVID-19 Pandemic
On Thursday, April 2, a rise in the Dow Jones was celebrated across markets, as it brought about some much-needed calm during such a tumultuous time as this. The Dow Jones closed on the day at 21,413.44, after increasing almost 470 points, a 2.2% climb. At some point during the day, the increase was up to 534 points, a jump it eventually corrected a bit. The DIJA has now lost 291.27 points and now it is at 21,122.17.
The Nasdaq Composite was also not left behind on the day, as it closed at 7,487.31, after climbing 1.7%, an increase of 126.73 points. It is now more than 20 points up, now it is at 7,507.33.
Even though it is still quite a bit of volatility which could very easily flip in a different direction especially as the COVID-19 pandemic is still in full swing, the rise shows that all hope is not lost.
Dow Jones Increase May Be Reactionary
The US Federal Reserve has pumped a few trillion into the markets to ensure some amount of stability. This was also done to prevent a continuous bloodbath for as long as possible. Some of these efforts, however temporary, could be slowly paying off.
Also, President Donald Trump spoke to CNBC’s Joe Kernen about plans for oil. Trump said Saudi Crown Prince Mohammed bin Salman and Russia’s President Vladimir Putin will announce an agreement to crash oil production by up to 15 million barrels. The news of a possible deal spiked U.S. crude by 24%. However, no one is sure if both leaders will agree.
COVID-19 So Far
All of the progress continues even though there is no hope of curbing the pandemic any time soon. Even though the World Health Organization (WHO) reports less than 973,000 confirmed cases worldwide at the time of writing, other reports suggest this number is now well over 1.2 million. Generally, there have also been at least 209,000 recoveries with a death toll of over 51,000.
Currently way above 244,000, the United States is the country with the largest number of confirmed cases. It also recently announced that 1,169 people died in 24 hours, also the highest daily fatality volume for any country.
New York alone has over 92,000 confirmed cases. Several funeral homes in the state have said that requests are increasing at an alarming rate with daily calls jumping from about 6 to a whopping 100.
The U.S. accounts for at least 20% of infections worldwide.