The three major U.S. stock indexes collectively closed higher on Wednesday, with gains widening in late trading after U.S. Senator Sanders announced his withdrawal from the U.S. presidential election. As of the close, the Dow rose 3.44% to 23,433.57 points; the S&P 500 rose 3.41% to 2,749.98 points; the Nasdaq rose 2.58% to 8,090.9 points.
U.S. President Trump said on Wednesday that he must wait until the curve of new confirmed cases of COVID-19 goes down. The resumption of work and production may be carried out across the country in stages, possibly in advance.
According to statistics from Johns Hopkins University in the United States, as of 6:40 on April 9, Beijing time, there were a total of 1,504,971 confirmed cases and 87,984 deaths worldwide.
On Wednesday, international oil prices rose sharply. As of the close, NYMEX May crude oil futures closed up $1.46, or 6.18%, at $25.09/barrel; Brent June crude oil futures closed up $0.97, or 3.04%, at $32.84/barrel. Previously, Algeria said that OPEC+ discussed significant crude oil production reduction measures, which would reach 10 million barrels per day.
Forty-eight members of the U.S. House of Representatives jointly sent a letter to the Saudi Crown Prince on Wednesday, calling for production cuts throughout. It has been a long time since Saudi Arabia has received this level of political pressure before an OPEC+ meeting. The U.S. House of Representatives said in a letter to the Saudi Crown Prince that if the energy crisis fails to be resolved, economic and military cooperation between the United States and Saudi Arabia will be damaged. If the oil crisis cannot be reversed successfully, the House of Representatives will encourage the US government to take any response measures.
Data released by the U.S. Energy Information Administration (EIA) on Wednesday showed that U.S. crude oil inventories increased by 15.177 million barrels last week to 484.37 million barrels, a record high as refinery capacity increased. Utilization rates fell to their lowest level since September 2008, and inventory levels hit a new high since June 2019.
OPEC+ is scheduled to hold a video conference at 22:00 Beijing time on Thursday. Afterwards, Saudi Arabia will host an emergency meeting of energy ministers of the Group of 20 countries at 20:00 Beijing time on Friday to ensure the stability of the energy market. Russia confirmed its participation in Thursday’s OPEC+ meeting, and U.S. Energy Secretary Brouillette will attend the G20 energy ministers’ meeting on Friday.
Sanders withdrew from the primary election, US stocks expanded in late trading
The three major U.S. stock indexes collectively closed higher on Wednesday, with the Dow rising nearly 780 points. U.S. stocks expanded their gains in late trading after U.S. Senator Bernie Sanders announced his withdrawal from the U.S. presidential election. As of the close, the Dow rose 3.44% to 23,433.57 points; the S&P 500 rose 3.41% to 2,749.98 points; the Nasdaq rose 2.58% to 8,090.9 points. Raytheon Technologies rose more than 8%, leading the Dow higher. Apple rose 2.56%. Chinese concept stocks TAL fell 6.84%, GSX fell 6.16%, and iQiyi fell 4.57%. The S&P 500 and Dow Jones Industrial Average have rebounded more than 20% since their March 23 lows.
On Wednesday, the Federal Reserve released the minutes of the March 2 and March 15 meetings, giving the Federal Reserve emergency interest rate cuts. Reason, the minutes show that all FOMC members believe that the U.S. economic outlook has deteriorated sharply in recent weeks and become extremely uncertain, so they lowered interest rates to a level of 0%-0.25%, and zero interest rates will remain until the impact of the epidemic on the economy. After the shock subsides. At the March 15 meeting, a small number of members proposed a 50 basis point interest rate cut. Due to the “sharp deterioration” of short-term financing markets and the COVID-19 epidemic dominating the economic outlook, members hoped to adopt a “strong” monetary policy response to the epidemic.
At the same time, FOMC members expect that U.S. and overseas economic activities will be weaker in the first quarter of this year than expected at the January meeting, including damage to consumer confidence, the real estate market, and business confidence. , the impact on employment is particularly severe. The speed of the economy’s recovery will depend on how quickly epidemic containment measures and fiscal measures are implemented.
U.S. President Trump said on Wednesday that work and production must be resumed when the curve of new confirmed cases of COVID-19 goes down, and that work and production may be resumed nationwide in stages, possibly in advance.
Investors are cautiously watching the development of the coronavirus epidemic. There are reports that the U.S. government is still considering restarting economic activities that have been shut down due to the epidemic. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, said that the number of new daily deaths from the new coronavirus in the United States has declined and that the U.S. epidemic should reach an inflection point after this week, but he also emphasized that epidemic prevention The work should be strengthened. According to data from Johns Hopkins University, new confirmed cases in the United States began to decline last Friday. This will provide some support to market sentiment.
At the same time, the number of new cases around the world also showed signs of slowing down. Investment strategist Jim Paulson told the media that if the epidemic curve reaches an inflection point for the first time, the market’s next focus will be on restarting the economy, when it will restart, which sectors will restart, and how long the current recession we are experiencing will last. time. For example, during the early trading, data on the impact of McDonald’s global performance were ushered in. The international chain giant said same-store sales plunged 22% in March, and it also withdrew its previously released 2020 outlook and long-term forecasts. As more companies begin to release relevant operating data for March, Wall Street will respond to the impact of the epidemic on individual stocks.Comrades in charge of the unit attended the meeting.
The meeting pointed out that since the outbreak of the new coronavirus pneumonia, the Financial Committee, in accordance with the decisions and arrangements of the Party Central Committee and the State Council on coordinating the promotion of epidemic prevention and control and economic and social development, has regarded supporting epidemic prevention and control as a To focus on the most important work at present, we held ten meetings successively to determine the work policy of “stabilizing expectations, expanding the total volume, focusing on categories, re-extending the period, and creating tools”, comprehensively using a variety of policy tools to maintain reasonable and sufficient liquidity, and adhering to the The market will open normally, expand low-cost financing channels for enterprises, provide differentiated financial services for regions, industries and enterprises that are greatly affected by the epidemic, effectively prevent and control the epidemic, support the resumption of work and production, and maintain the overall stable economic development.
The meeting emphasized that the current global economic growth has been severely impacted by the epidemic, and economic and financial development is facing greater challenges. my country’s epidemic prevention and control is facing a situation of imported foreign epidemic prevention and rebound of domestic epidemic prevention. A critical stage for resumption of work and production. In the next stage, the Financial Committee will continue to follow the decisions and arrangements of the Party Central Committee and the State Council, strengthen policy implementation, and solidly promote the return of economic and social development order to normalcy. The first is to intensify the implementation of macro policies, make prudent monetary policies more flexible and appropriate, and put support for the recovery and development of the real economy in a more prominent position. The second is to guide credit resources to provide more support to small, medium and micro enterprises and private enterprises that have been greatly affected by the epidemic. The third is to give full play to the pivotal role of the capital market, continuously strengthen the construction of basic systems, resolutely crack down on all kinds of counterfeiting and fraud, relax and cancel controls that are not suitable for development needs, and increase market activity. The fourth is to adopt a variety of effective methods to increase the capital replenishment of small and medium-sized banks and enhance their ability to resist risks and extend credit. The fifth is to attach great importance to the study, judgment and response of the international epidemic and economic and financial situations, and prevent the transmission of overseas risks to the country.
Other matters were also considered at the meeting. </p
