Daily Archive: March 25, 2020

Dow surges to biggest percentage gain since 1933 on coronavirus stimulus hopes

The Dow registered its biggest one-day percentage gain since 1933 on Tuesday after U.S. lawmakers said they were close to a deal for an economic rescue package, injecting a shot of optimism into markets reeling from the biggest selloff since the financial crisis.

The Dow Jones Industrial Average rose 2,112.98 points, or 11.37 per cent, to 20,704.91, the S&P 500 gained 209.93 points, or 9.38 per cent, to 2,447.33 and the Nasdaq Composite added 557.18 points, or 8.12 per cent, to 7,417.86.

While the U.S. Federal Reserve’s offer of unlimited bond-buying was not expected to mitigate on its own the devastating impact of the coronavirus, investors hoped it would help avert a global depression with the help of other rescue packages.

The Fed’s action had failed to persuade Wall Street on Monday, with losses of 2 per cent-3 per cent on major indexes. But the mood improved on Tuesday as

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Two more NYSE floor traders test positive for coronavirus: memo By Reuters

© Reuters. A worker cleans the floor of the New York Stock Exchange (NYSE) as the building prepares to close indefinitely due to the coronavirus disease (COVID-19) outbreak in New York

By John McCrank

NEW YORK (Reuters) – At least two more New York Stock Exchange floor traders tested positive for the coronavirus on Tuesday despite measures taken to prevent people infected by the virus from entering the exchange while it remained physically open last week, according to a memo seen by Reuters.

“Given the possibility of exposure, and consistent with local, state, and federal government guidance, we recommend that all those who worked on the NYSE Trading Floor over the last 14 days should self-quarantine until a two week symptom-free period has elapsed,” Intercontinental Exchange Inc (N:)-owned NYSE said in a memo to traders.

New York City, home to more than 8 million people, has become a hot spot

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Delta is downgraded to the ‘junk’ pile—and may soon have lots of company

After weeks of pessimism about how the $10 trillion corporate debt sector would fare as the coronavirus outbreak has brought the U.S. economy to a near-halt, it appears the dominoes are beginning to fall.

On Tuesday, Delta Air Lines saw its credit rating downgraded to “junk” territory by S&P Global Ratings. Already at the lowest investment-grade rating of BBB-, S&P cut the airline down to a BB rating—demoting Delta into high-yield, speculative territory on concerns over declining bookings and revenues due to the coronavirus outbreak’s devastating impact on commercial air travel.

The move does not come as a great surprise, given that analysts have forecasted deteriorating credit profiles across the airline sector as the outbreak has escalated in the U.S. over the past month. Fitch Ratings expressed such concerns earlier this month in a note that pointed to “risks that [air travel] demand takes materially longer than previous shocks to … Read More