The coronavirus has crashed many businesses resulting in the fall of the economy. The pandemic suggests people stay at home which causes no markets running, crashed economy, and people to survive. The issue lies that with no open markets, the more loss will come and the small businesses of the US or around the world will fall apart.
President Trump has signed a package of $484 billion for the relief package of coronavirus. It includes an amount of $310 billion for the Paycheck Protection Program, paying $1200 for those in need as a relief package.
The market statistics showed the Dow Jones Industrial Average increased by 220 points, S&P 500 up to 0.9 percent, and the Nasdaq Composite up to 1.1 percent. The Asian markets on Monday gained points, Japan’s Nikkei gained 2.7 percent, hang Seng of Hong Kong rises 1.9 percent and China’s Shanghai Composite rose to 0.3 percent.
The situation of Europe is, London’s FTSE added 1.4 percent, and Germany’s DAX rises to 2.5 percent and France’s CAC gained 1.9 percent.
Munchin said, “I think as we begin to reopen the economy in May and June, you’re going to see the economy really bounce back in July, August, September, and we are putting in an unprecedented amount of financial relief into the economy. You’re seeing trillions of dollars that’s making its way into the economy, and I think this is going to have a significant impact.”
The oil prices fall down this week by 16 percent with a new price of $14.22 per barrel. Through last week, stocks fell across the board with the Dow dropping 1.93 percent, while the S&P 500 and the Nasdaq lost 1.32 percent and 0.18 percent respectively.
As for the week ahead, earnings from marquee companies will be in focus including 3M, Caterpillar, Google and Starbucks on Tuesday, Tesla on Wednesday and Amazon and Apple on Thursday to name a few.
With the current pandemic going on and the oil prices going in the negative, worst week in history, there is a fair chance that stock will suffer at hands of this.