clearn.png
Sunday April 5th, 2020 12:12AM

Stocks drift up and down in tentative trading on Wall Street

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks are limping along in tentative morning trading on Wall Street Wednesday, as a historic, worldwide rally downshifts dramatically after just a day.

The S&P 500 was drifting between gains and losses in the first few minutes of trading, a day after packing a year’s worth of gains into Tuesday on expectations that Washington was close to a $2 trillion deal to aid the economy. Tuesday's 11.4% gain for the Dow Jones Industrial Average was its biggest since 1933.

Congress and the White House did announce an agreement early Wednesday, with the Senate possibly voting on it in the afternoon. Investors were anxiously waiting for this kind of aid, which will help blunt the blow to the economy as businesses shut down to slow the spread of the coronavirus.

Even optimists say the package provides just the second leg of three that markets need to regain lasting confidence. The Federal Reserve and central banks are also offering tremendous support by cutting interest rates and supporting lending markets, but investors say they need to see the number of new infections peak before they can feel comfortable knowing how deep the looming economic downturn will be.

The number of known infections has leaped past 435,000 people worldwide, and more than 19,000 have died, according to Johns Hopkins University. Overall, more than 111,000 have recovered.

For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death.

With widening swaths of the economy shutting down and layoffs mounting, economists are sure a steep drop-off is coming. What’s unsure is how long it will last.

That uncertainty has led to wild swings in the stock market over the last month. The S&P 500’s 9.8% surge Tuesday was bigger than the index’s gains in nine of the last 20 years.

But the market has also had a couple days within the last few days that packed entire years’ worth of losses, including two days down 10.4%.

The uncertainty has carried over even to trading within a certain day or a certain hour.

The S&P 500 was down 1.4%, as of 10 a.m. Eastern time. Within the first 30 minutes of trading it was up as much as 2.2% and down as much as 0.7%. The Dow was off 140 points, or 0.8%.

European markets initially jumped to strong gains, but they faded as the day progressed. Germany’s DAX was down 0.8%, and the French CAC 40 was up the same amount.

Even earlier on Wednesday, Asian markets surged to big gains following the big U.S. day. Asia, Japan’s Nikkei 225 jumped 8%, South Korea’s Kospi rose 5.9% and the Hang Seng in Hong Kong gained 3.8%.

Treasury yields were holding relatively steady. The yield on the 10-year Treasury inched up to 0.82% from 0.81% late Tuesday, and the two-year yield slipped to 0.35% from 0.37%.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Police struggle to enforce India's sweeping virus lockdown
Indians are struggling to comply with the world's largest coronavirus lockdown as their government begins the gargantuan task of keeping 1.3 billion people indoors during a Hindu holiday season
10:19AM ( 16 minutes ago )
'We are collapsing': Virus pummels medics in Spain and Italy
The coronavirus is waging a war of attrition against health care workers around the world
10:18AM ( 17 minutes ago )
Stocks drift up and down in tentative trading on Wall Street
Stocks are limping along in tentative trading early Wednesday, as a historic, worldwide rally downshifts dramatically after just a day
10:15AM ( 20 minutes ago )
Associated Press (AP)
Putin delays constitutional vote allowing him to keep power
Russian President Vladimir Putin has postponed a nationwide vote on proposed constitutional amendments that include a change that would allow him to seek another term in power
9:39AM ( 56 minutes ago )
Stocks open higher on Wall Street after deal on virus aid
Stocks are opening higher on Wall Street after Congress and the White House reached a deal to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus
9:36AM ( 59 minutes ago )
White House, Congress agree on $2 trillion virus rescue bill
The White House and Senate leaders of both political parties have reached agreement on a $2 trillion measure to rush aid to businesses, workers and a health care system slammed by the coronavirus pandemic
9:34AM ( 1 hour ago )
AP National News
The Latest: Japan urges no trips outside of country
Japan’s foreign ministry says it has raised its travel warning to its people and urged them not to make any non-essential trips outside of the country
7:25AM ( 3 hours ago )
Death toll in Spain surpasses China as virus ravages Europe
Spain has now the world’s second-highest tally of coronavirus deaths after 738 more were reported Wednesday
7:07AM ( 3 hours ago )
10 Things to Know for Today
Get ready for Wednesday, March 25, with a few things to know about the day’s news from The Associated Press
7:04AM ( 3 hours ago )
AP Online National News
US big-ticket factory orders up 1.2% in February
Orders to US factories for big-ticket manufactured goods rose 1.2% in February before coronavirus struck with force.
9:37AM ( 58 minutes ago )
As outbreak blows up finances, EU nations balk at solidarity
The European Union is taking unprecedented action to help member countries endure the massive cost of to keeping people and businesses alive through the virus outbreak
9:34AM ( 1 hour ago )
The Latest: Spanish soccer federation to help small clubs
The Spanish soccer federation has announced measures to help smaller clubs financially
9:08AM ( 1 hour ago )
AP Business
As lockdowns kill jobs, Africa's informal workers suffer
Moroccan families who once survived on income from informal businesses are now begging strangers on social networks for money for diapers and medicine
5:04AM ( 5 hours ago )
Asian shares jump after Dow's biggest gain since '33
Shares have advanced in Asia after the Dow Jones Industrial Average surged to its best day since 1933
3:33AM ( 7 hours ago )
Trump, Congress agree on $2 trillion virus rescue bill
The White House and Senate leaders of both parties have agreed on unprecedented emergency legislation to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus pandemic
2:27AM ( 8 hours ago )
AP Business - Economy
Business Fallout: Nike cites jump in online sales in China
Nike CEO John Donahoe says the company moved swiftly to leverage its digital platforms in China after it closed more than 5,000 stores there due to the outbreak, most of which have since reopened
8:16PM ( 14 hours ago )
Business Fallout: US manufacturing pivot; Facebook fallout
Manufacturers are reconfiguring operations to help produce desperately needed medical gear
5:49PM ( 16 hours ago )
Dow has best day since 1933 as Congress nears deal on aid
The Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal on Tuesday to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus
5:40PM ( 16 hours ago )
AP Business - Financial Markets
Police struggle to enforce India's sweeping virus lockdown
Indians are struggling to comply with the world's largest coronavirus lockdown as their government begins the gargantuan task of keeping 1.3 billion people indoors during a Hindu holiday season
10:19AM ( 17 minutes ago )
'We are collapsing': Virus pummels medics in Spain and Italy
The coronavirus is waging a war of attrition against health care workers around the world
10:18AM ( 17 minutes ago )
Afghan officials say 25 killed in Kabul attack on Sikhs
Afghan authorities have raised the death toll from an attack by the Islamic State group on a Sikh place of worship in the capital, Kabul, to 25
10:11AM ( 24 minutes ago )
Of America and sacrifice: Is the country ready to step up?
For most Americans alive today, the idea of a shared national sacrifice is a collective abstraction
10:00AM ( 35 minutes ago )
Putin delays constitutional vote that would extend his rule
Russian President Vladimir Putin has postponed a nationwide vote on proposed constitutional amendments that include a change that would allow him to seek another term in power
9:53AM ( 42 minutes ago )