Dow Rallies on Energy, Industrials and COVID-19 Peak
The Dow began a rally on news of a jump in energy, positive airline data and signs that the spread of coronavirus is nearing its peak, offsetting the once-again-aggravated US-China tensions.
The positive outlook on energy came from Saudi’s Aramco. According to chief executive - Amin Nasser, global oil demand would continue its recovery as lockdown measures ease. China's gasoline and diesel demand are "almost at pre-COVID 19 levels. As countries ease the lockdown, we expect the demand to increase." he said.
The industrial sector also got a lift with positive airline data showing air travel has risen to the highest volume in nearly five months over the weekend. American Airlines, United Airlines and Delta Air Lines all saw an over 7% rise.
Although the additional fiscal stimulus front in the US is still of concern, as economists have warned that the U.S. economy could face darker days ahead without the much-needed stimulus, the coronavirus pandemic ease is keeping investors positive.
There were fewer than 47,000 new infections reported Sunday in the US, the lowest in about a week, according to data brought forward by Johns Hopkins University.
As a response, the Dow had seen a 1.3% rise, S&P 500 - 0.29% (just 1% below all time highs), and Nasdaq - a 0.39% increase.
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