Wall Street rallies, led by healthcare stocks; Dow Jones, S&P rise over 3%

US stocks rose Monday, driven in part by health care stocks, with investors looking for stocks that have become cheap and can withstand the economic impact of efforts to stem the spread of the coronavirus. at Johnson & Johnson and Abbot Laboratories. JNJ jumped 8.00% on US government plans to help finance the creation of sufficient production capacity for its coronavirus vaccine, currently under development.

Abbott Laboratories climbed 6.41% after being approved by the United States for a diagnostic test for COVID-19. 500.

A record $ 2.2 trillion in Federal Reserve aid and easing helped stocks recover some of their losses last week, as the S&P 500 posted its biggest weekly percentage gain since more than a decade and the Dow Jones its best since 1938, even after each drop More than 3% to end trading week Friday. Each of the top three Wall Street indices remains down more than 20% from highs of February, but investors are now trying to assess the economic damage and identify the companies that will be on a solid foundation when the economy begins to accelerate.

“You are looking for a way to re-enter the market with stocks that will give you the opportunity to participate,” said Phil Blancato, CEO of Ladenburg Thalmann Asset Management in New York. “You look at some of them and say, there is an opportunity for me to buy good companies with solid balance sheets that should produce on the other side.” The Dow Jones Industrial Average rose 690.7 points , or 3.19%, to 22,327.48, the S&P 500 gained 85.18 points, or 3.35%, to 2,626.65 and the Nasdaq Composite added 271.77 points, or 3.62% , at 7,774.15.

President Donald Trump followed last week’s massive fiscal stimulus package by extending his home maintenance guidelines, leaving investors waiting for more signs of the next steps in a deepening economic crisis.

This is unconvincing that the worst most spectacular sales in a decade are over, and Wall Street’s fear gauge, which predicts future volatility, is still as high as it has been since the financial crisis of 2008. The proliferation of government stimulus packages has given investors something to remember as they wait for signs of economic relief. The data to come will likely confirm the damage to the economy, but the amount of the market price remains to be seen.

JP Morgan Chase & Co said on Saturday it expected a 10% drop in real gross domestic product in the first quarter and a 25% drop in the second quarter. Growing issues outnumbered those on the NYSE by a ratio of 1.56 to 1; on the Nasdaq, a ratio of 1.67: 1 favored the advancers. The S&P 500 posted a new 52-week high and two new lows; Nasdaq Composite recorded six new highs and 30 new lows.

The volume of American exchanges was 12.19 billion shares, against 15.81 billion on average for the full session of the last 20 trading days.

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