Business Wall Street climbs 3% on signs of Covid-19 slowdown...

Wall Street climbs 3% on signs of Covid-19 slowdown (cruises rebound up to 22%)

The Dow Jones Industrial Average was up 3%; the S&P 500 index added 2.5%; and the Nasdaq Composite gained 2.1%.

The S&P was on track for its biggest two-day gain in nearly two weeks, extending the 7% advance the day before, after governors of New York, New Jersey and Louisiana referred to tentative signs of a stabilization of the pandemic. .

Profits were led by energy, financial and materials firms. Risk appetite was bolstered by the aggressive round of fiscal and monetary stimulus passed last month.

Despite the solid start to the week, S&P remains 19% below its peak record in mid-February, as strict home confinement orders are sinking demand in industries and causing mass layoffs.

The Wall Street fear measure is going down steadily from its 12-year peaks, but Volatility is expected to remain high as companies prepare to report an expected decline in first-quarter earnings and detail more drastic plans to boost their cash reserves.

Exxon Mobil backed down a multi-year investment plan and announced it will cut its planned capital spending by 30% this year, while oil services firm Halliburton Co said it will cut some 350 jobs in Oklahoma and its executives will cut wages. Both firms climbed around 5% in the session.

Norwegian Cruise Line, Royal Caribbean and Carnival Corp, some of the firms hardest hit this year by the practical arrest of world tourism, improved about 22%.

Europe and Asia

For their part, the main European stock markets showed general progress in their indicators, according to data from the Bloomberg agency.

In London the FTSE rises 2.28%, in Paris the CAC rises 2.82%, the DAX in Frankfurt 3.33%, the IBEX in Madrid 2.85%, and the FMIB in Milan 4.04%.

For their part, the main exchanges in the Asia-Pacific region closed the session today with a positive sign, according to data from the Bloomberg agency, on a day in which the one in Shanghai did not operate due to a holiday. The Tokyo Nikkei closed up 2%.

Petroleum

Oil prices on Tuesday supported the recovery trend after hitting a low of eighteen years a week ago due to decisions by Saudi Arabia and Russia on production amid the coronavirus pandemic.

The barrel of Brent crude, which is listed on the London Electronic Market (ICE), was trading at $ 33.80, down 2.24% for June delivery, according to the Investing stock panel.

While, The barrel of WTI crude oil, which is listed on the New York futures market (Nymex), was trading at $ 26.45 a barrel, rising 2.27% for delivery in May.

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