- Dow Jones Industrial Average added 188.27 points, or 1%, to 20,081.19.
- S&P 500 SPX climbed 0.5%, or 11.29 points, to end at 2,409.39.
- The Nasdaq Composite Index COMP put on 160.73 points, or 2.3% to end the session at 7,150.58.
US benchmarks ended modestly higher following another volatile day on Wall Street while investors weighed the various pledges and support for the economic form the central banks and governments around the world in the face of the worst prospects for the world since the world wars and the great depression.
In the last 24-hours, we have seen the Federal Reserve announce a facility to backstop money-market mutual funds while the European Central Bank rolled out an expanded asset-purchase program. The US Federal Reserve announced that it has established temporary USD swap lines with Australia, Brazil, Denmark, Korea, Mexico, Norway, New Zealand Singapore and Sweden.
Subsequently, the Dow Jones Industrial Average added 188.27 points, or 1%, to 20,081.19 and the S&P 500 SPX climbed 0.5%, or 11.29 points, to end at 2,409.39. The Nasdaq Composite Index COMP put on 160.73 points, or 2.3% to end the session at 7,150.58. The moves followed Wednesday's drop in the DJIA of 1,338.46 points, or 6.3%, to end at 19,898.92, for its lowest close since Feb. 2nd.
US data result in recessionary numbers
The March Phili Fed manufacturing index plunged 48 points to -12.7. "The new orders diffusion index fell to -15.5 vs 33.3, the number of new employees fell to 4.1 vs 9.8 and the average workweek fell to 0.5 vs 10.3," analysts at ANZ bank explained, adding, "The releases were accompanied by a sharp rise in the initial claims data of 70k to 281k. That captures the very early stages of the COVID-19 impact on jobs and will rise sharply in weeks to come as businesses give workers a temporary leave of absence and lay-offs rise. The rapid of recession, the duration of which will depend on slowing the spread of the virus, is upon us."
DJIA levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD regains traction above 1.1000 ahead of US CPI release
EUR/USD has found fresh buyers and jumps above 1.1000 in the European session on Thursday. The pair gains on the German coalition deal and Trump's 90-day pause on reciprocal tariffs, which have lifted risk senitment while exacerbating the US Dollar pain ahead of the US CPI data release.
GBP/USD trades firm above 1.2850, US CPI data awaited
GBP/USD sustains the rebound above 1.2850 in European trading hours on Thursday. The British Pound capitalizes on risk appetite, courtesy of Trump's tariff pause, allowing the pair to recover ground. But further upside hinges on the US CPI data and US-Sino trade updates.
Gold price enters hotspot region with new all-time high possible
Gold price is delivering a jaw-breaking performance this Thursday in the early trading session, moving around $3,107 at the time of writing. Since Tuesday morning, the precious metal has rallied nearly 5.00%. The main driver for the rally came from the United States President Donald Trump who announced a 90-day pause to higher tariffs on 56 countries and the European Union, which will now be taxed at the 10% baseline rate.
US CPI data set to reveal March inflation dip as markets weigh impact of Trump’s tariffs
As measured by the CPI, inflation in the US is set to rise at an annual pace of 2.6% in March, down slightly from the 2.8% reported in February. Core CPI inflation, which excludes the volatile food and energy categories, is expected to ease to 3% in the same period from a year earlier
Trump’s tariff pause sparks rally – What comes next?
Markets staged a dramatic reversal Wednesday, led by a 12% surge in the Nasdaq and strong gains across major indices, following President Trump’s unexpected decision to pause tariff escalation for non-retaliating trade partners.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.