It's Monday, April 6. Stocks jumped higher Monday morning, rebounding from a sell-off in the previous week. Markets were higher on early data suggesting that the spread of the coronavirus may have slowed over the weekend.
In New York City, considered the epicenter of the virus in the U.S. the one-day death toll fell slightly for the first time. On Sunday, the death toll was 594, compared to 630 deaths reported Saturday.
Governor Cuomo has said it's too early to say whether this data is a "blip" or representative of positive change.
“You could argue that you’re seeing a slight plateauing in the data, which obviously would be good news,” Mr. Cuomo said Sunday. “You can’t do this day to day. You have to look at three or four days to see a pattern.”
Nevertheless, markets rebounded Monday on the small piece of positive news. The Dow Jones Industrial Average was up 835 points, or 3.97%, to 21,888, the S&P 500 jumped 3.91% and the Nasdaq rose 3.7%.
“Hundreds of people are passing away each day from the pandemic, but less so than previous days, giving markets hope that the lockdown measures are finally starting to prove effective,” said Jeffrey Halley of Oanda.
“Like the rest of the world, financial markets are searching for any slivers of hope,” he said.
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