Despite the global economy being crippled by the Coronavirus pandemic, the stock market appears to be booming after weeks of free fall.
The S&P 500 closed the week on a positive note, recovering from its 2020 all-time low on March 23, gaining by at least 25%.
Generally, the S&P 500 has gained tremendously and the stocks need to hold one critical level to determine whether markets can stabilize or resume their free fall witnessed over the last few weeks.
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This will give investors some confidence. The stock market has struggled to find a footing as investors attempt to process the duration and economic uncertainty of the Coronavirus pandemic.
S&P 500 turn the market green
An overview of the technology stocks shows that the tech firm Alphabet (NYSE: GOOGL) gained by +8.02% with each stock going for $1,206.57. On the other hand, Facebook (NYSE: FB) was up by +8.02% with Microsoft (NYSE: MSFT) recovering by +6.36% over the past seven days.
For services, Amazon (NYSE: AMZN) has enjoyed a good week after recording gains of +6.46% with stock prices at $2,042.76. Retail giant Walmart (NYSE: WMT) stock value grew by +2.56% with a stock price of $121.80. On the other hand basic materials saw Exxon Mobile (NYSE: XOM) gained by +6.76%. Additionally, Chevron (NYSE: CVX) registered gains of 10.76% with $84.31 in stock price.
The healthcare stock which has been performing better in the wake of the pandemic also significantly gained led by Stryker Corporation (NYSE: SYK) at +22.16%. Johnson & Johnson (NYSE: JNJ) stocks grew by +6.07% with each share going for $141.23.
For financial companies, JP Morgan Chase (NYSE: JPM) has been one of the biggest winners of the week with +17.43%. Bank of America Corporation (NYSE: BAC) also gained by +20.86% Similarly, with a stock price of $173.69 Visa has gained by 10.36%.
Under consumer goods, Apple (NYSE: AAPL) gained by +9.41% with a stock price of 267.99. For industrial goods, HoneyWell International (NYSE: HON) was among the biggest gainers at +8.00% with each share selling at 143.43.
This week’s rally by the S&P 500 might be attributed to events at the White House. Recently, the Trump administration announced an additional $2.3 trillion in lending programs from the Federal Reserve. The amount will be sufficient to enable major companies to emerge with little damage to their long-term profitability.
Additionally, the recent high unemployment might further improve the stock market. The alarming number might pile more pressure on Congress to come up with more short and long term measures to help cushion the jobless in addition to the $2 trillion stimulus package.
