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Stocks Surge As Reports Say N.Y. Virus Crisis Slowing Down

   DailyWire.com
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Photo by Somyot Techapuwapat/EyeEm/GettyImages

On Monday morning, stocks surged as reports surfaced that the coronavirus epidemic plaguing New York may be slowing down. As Fox Business reported at roughly 1 p.m. EST, “The number of new cases over the weekend in New York City, the U.S.’s epicenter for the virus, rose by 30.4 percent versus last week, down from a 46.1 percent jump the week prior … The Dow Jones Industrial Average was up more than 1,100 points, or 5.5 percent, while the S&P 500 and Nasdaq Composite were higher by 5.4 percent and 5.3 percent, respectively.”

CNBC reported at 2:15 EST, “About 12 stocks rose at the New York Stock Exchange on Monday for every decliner as the market rallied on hopes the rate of new coronavirus cases is starting to ebb. Overall, more than 2,700 NYSE-listed stocks traded higher while 231 fell, according to FactSet data.”

The lowest point for the Dow Jones Industrial Average since the coronavirus pandemic reached American shores occurred on March 23, when it dropped to 18, 591. At the beginning of Monday morning, the Dow Jones rested at 21,052; by roughly 2:30 EST on Monday, it had climbed to roughly 22,200.

CCN noted, “BTIG chief equity and derivatives strategist Julian Emanuel said last week that the market likely wouldn’t secure sustained upward momentum until the VIX ticked below 50 and stayed there … The stock market’s ‘fear gauge’ swung below 50 last Friday after peaking as high as 85.47 in mid-March.” Good news: as of 2:35 EST on Monday, the VIX rested at 44.28.

Investor’s Business Daily reported on Monday, “On Sunday, there were signs of slowing growth with the number of new cases rising 25,316, down from Saturday’s increase of 34,196 … New York state continues to be the epicenter of the outbreak in the U.S. with more than 123,000 total cases, or about 36% of the country’s confirmed total. But even in New York, the number of new cases slowed on Sunday with an increase of about 8,200. New York Gov. Andrew Cuomo said New York virus deaths declined for the first time, while hospitalizations also fell.”

The New York Times added, “Despite nearly 600 newly reported coronavirus deaths in New York on Monday, the state’s second-highest one-day death toll, Gov. Andrew M. Cuomo said there continued to be signs that the outbreak was starting to slow. For days, New York officials have sought indications that the virus was reaching a peak in the state, which has been the U.S. epicenter of the pandemic. On Sunday, the one-day death toll dropped to 594, from 630 the day before. On Monday, it was about the same as Sunday, 599, Mr. Cuomo said.”

The Times also noted that the day-over-day increase of people on intensive care in New York from Sunday to Monday, 128, “was the smallest in at least two weeks. Last week, the number of people in intensive care beds, which have ventilators, was growing more than 300 people a day, driving projections that the state would soon run out of ventilators.”

Thecity.nyc reported, “After peaking at a jump of 118% between March 17 and March 18 — just after schools, restaurants and other gathering places closed — the increase in new cases has declined to between 9% and 13% per day since March 29, according to THE CITY’s analysis of city Health Department data.”

 

 

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