'It Looks Like We're Past the Worst of It'

Markets surge as governments discuss reopening economies
By Newser Editors and Wire Services
Posted Apr 27, 2020 4:16 PM CDT
Markets Surge Amid Moves Toward Reopening
A currency trader checks the temperature of his colleague at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 27, 2020. my.   (AP Photo/Ahn Young-joon)

With governments making moves toward letting businesses reopen, stocks rallied worldwide on Monday. The S&P 500 rose 41.74 points to 2,878.48. The Dow Jones Industrial Average gained 358.51, or 1.5%, to 24,133.78, and the Nasdaq climbed 95.64, or 1.1%, to 8,730.16. "We’re in recession, it’s a long recovery from here," Joe Seydl, capital markets economist at JP Morgan Private Bank, tells the AP. But the outlook "is starting to look a little bit better than a few weeks ago because it looks like we’re past the worst of it.” Monday’s gains were widespread At the head of the pack were some of the stocks hardest and earliest hit by the pandemic. Banks and other financial companies rose 3.6% for the biggest gain among the 11 sectors that make up the S&P 500.

Markets began Monday with jumps in Asia after Japan’s central bank scrapped its ceiling on how much government debt it will buy to support the economy. Japan’s Nikkei 225 rose 2.7%, while South Korea’s Kospi added 1.8% and the Hang Seng in Hong Kong added 1.9%. In Europe, Italy laid out a timetable for easing restrictions, and other countries are set to detail their plans soon. The German DAX climbed 3.1%, while the French CAC 40 rose 2.5% and the FTSE 100 in London added 1.6%. In the US, roughly 150 companies in the S&P 500 are scheduled to report earnings this week. That includes the Big Five of Amazon, Apple, Facebook, Microsoft, and Google’s parent, Alphabet, which together make up about a fifth of the index.

(More Dow Jones stories.)

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