The stock market in U.S. surged on Thursday as Netflix and Amazon prices witnessed a record high, although most of the trading was slightly uneven as the investors had been apprehensive about the possible impact of the COVID-19 pandemic on the first quarter earnings.
Apparently, Amazon.com had climbed by 4.4% while Netflix had gone up by 2.9% as the orders to stay home had driven the demand for all the online streaming services as well as home delivery of goods. New York has extended its lockdown up till May 15 despite the rate of hospitalizations related to the coronavirus has fallen to its lowest over the span of a couple of weeks.
This confirmed that the state which suffered the most had been controlling the spread of the virus. The impact of health issues, however, had been hard for the companies and economy as it kept the investors on the edge. The U.S. banks have been preparing for the new batch of future loan defaults after a sudden halt in the business activity.
According to reliable sources, the analysts have estimated that the earnings for S&P companies had slumped by 12.8% during the quarter that would be known as the biggest y-o-y quarterly decline since the financial issues started.
Alan B. Lancz & Associates Inc.’s President, Alan Lancz stated that the company will not witness a V-shaped recovery and the investors will come to recognize that gradually, so it is not right to call a bottom in stocks at this point of time.
The data showed that the claims for jobless had fallen slightly to 5.2 million in the previous week compared to the 6.62 million which was upwardly revised. The total figure, however, for the previous month had still amounted to an alarming 20 million.
The Reuters polled the economists and came with an estimation of claims that amounted to 5.1 million people jobless as on April 11, 2020.
Source Credit - https://www.moneycontrol.com/news/business/markets/wall-street-rises-as-amazon-and-netflix-hit-record-highs-5157611.html