Wall Street rallies amid recovery attempts in oil, stimulus hopes

Techbiz, GlobalRecession, Covid19, CoronaVirus, SocialDistancing, Workfromhome, StayHome, WallStreet, Market, Nifty, StockMarket,

NEW YORK: Wall Street’s major averages ended higher as market sentiment was lifted by waning oil concerns and the progress in a US coronavirus relief package. On Wednesday, the Dow Jones Industrial Average jumped 456.94 points, or 1.99 per cent, to 23,475.82. The S&P 500 rose 62.75 points, or 2.29 per cent, to 2,799.31. The Nasdaq Composite Index increased 232.15 points, or 2.81 per cent, to 8,495.38, Xinhua news agency reported.

All the 11 primary S&P 500 sectors climbed, with technology and energy up 3.87 per cent and 3.58 per cent, respectively, outpacing the rest. Oil prices attempted to rebound on Wednesday after their massive losses in the recent market chaos.

The West Texas Intermediate for June delivery jumped 19.1 per cent to settle at US $13.78 a barrel on the New York Mercantile Exchange, following a 43.37-per cent drop in the prior session. The international benchmark Brent crude settled 5.38 per cent higher on Wednesday.

Wall Street also paid close attention to new stimulus amid the COVID-19 pandemic.

The US Senate on Tuesday passed a 484-billion-dollar relief package that would increase funding for small businesses, hospitals and coronavirus testing as the COVID-19 fallout continues to ripple through the country. The House is expected to vote later this week.

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