Day Traders Diary
The major averages surge once again as the number of coronavirus cases has fallen since Friday, according to data from Johns Hopkins University. Daily increases in global cases have also fallen since then. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told Fox News on Wednesday that the U.S. death count related to the coronavirus is now lower than initially thought, noting there should be a turnaround after this week.
The Dow Jones Industrial Average gained 779 points, or 3.4%, to close at 23,433. The S&P 500 climbed 3.4% to 2,749 while the Nasdaq Composite advanced 2.6% to 8,090. News of Bernie Sanders stopping his Presidential run also lent suppose to the markets.
All eleven sectors ended in the green with seven groups finishing ahead of the broader market. Real estate (+7.4%) and energy (+6.7%) outperformed throughout the day while utilities (+5.4%) and materials (+5.0%) ascended the leaderboard in late trade.
Treasuries ended the day in mixed fashion, as shorter tenors climbed while longer tenors retreated, sending the 10-yr yield higher by three basis points to 0.76%.
Crude oil jumped $1.39, or 5.9%, to $25.17/bbl, reclaiming a portion of its loss from yesterday even though the latest weekly inventory report showed another massive build.
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