August 3, 2020

Wall Street opens in green despite the Fed’s announcement about the coronavirus



Wall Street opened this Tuesday in green despite warnings issued by the Federal Reserve (Fed) of the United States about the possible impact of the outbreak of coronavirus in China on the economy around the world.

“We are closely monitoring the emergence of the coronavirus, which could generate disturbances in China that would extend to the rest of the global economy,” Fed Chairman Jerome Powell said in his semiannual appearance before Congress.

The words, pronounced just before the opening of the markets, did not seem to weigh on Wall Street, which started the day in positive territory after closing the previous day with rises and new records of the selective S&P 500 and the composite index of the Nasdaq market.

Fifteen minutes after the start of operations, the main indicator in New York, the Dow Jones of Industrials, rose Tuesday 0.29% or 84.79 points, to 29,361.61.

The S&P 500 continued at maximum levels, up 0.43%, while the Nasdaq advanced 0.44%.

Among the thirty Dow Jones values, the increases were headed by Dow (1.74%), Caterpillar (1.37%) and Cisco Systems (1.25%).

The biggest losses were for Walmart (-0.58%), Procter & Gamble (-0.56%) and Verizon (-0.47%).

All sectors of Wall Street were at that time in green, with the only exceptions of telecommunications companies and basic consumer goods, which recorded very slight declines.

The market continued with the trend of the previous session, when investors put aside fears about the coronavirus.

The Chinese health authorities reported Tuesday that 1,016 deaths have already been certified by the coronavirus that causes pneumonia in Wuhan, a city of 11 million people in central China, among a total of 42,638 infected people diagnosed in the country.

To date, all but two deaths – in the Philippines and Hong Kong – have occurred in mainland China and, although about twenty countries have cases of pneumonia diagnosed, China accounts for about 99% of those affected.

The symptoms of the new coronavirus, called 2019-nCoV, are in many cases similar to those of a cold, but may be accompanied by fever and fatigue, dry cough and dyspnea (shortness of breath).

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