Inventories soar as reports indicate slowdown in NY virus crisis

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Stocks surged Monday morning amid reports of a slowdown in the New York City coronavirus epidemic. As Fox Business reported around 1 p.m. EST, “The number of new cases over the weekend in New York, the US epicenter of the virus, increased by 30.4% compared to last week, compared to 46.1% the previous week … The Dow Industrial Average Jones was up over 1100 points, or 5.5%, while the S&P 500 and the Nasdaq Composite were 5.4% and 5.3% higher, respectively. “

CNBC reported at 2:15 a.m. EST: “About 12 stocks rose on the New York Stock Exchange on Monday for each declinator as the market rallied in hopes that the rate of new cases of coronavirus would begin to ebb. Overall, more than 2,700 NYSE-listed stocks traded higher while 231 fell, according to FactSet data. “

The lowest point in the Dow Jones industrial average since the coronavirus pandemic reached the American coast occurred on March 23, when it fell to 18,591. Early Monday morning, the Dow Jones was at 21,052; by 2:30 a.m. EST Monday, it had increased to around 22,200.

CCN noted: “BTIG’s equity and derivatives strategist Julian Emanuel said last week that the market is unlikely to maintain upward momentum until the VIX drops below 50 and would not have stayed there … The stock market “gauge of fear” fell below 50 last Friday after peaking. at 85.47 in mid-March. Good news: at 2:35 am EST Monday, the VIX rested at 44.28.

Investor’s Business Daily reported Monday: “On Sunday, there were signs of slowing growth, the number of new cases increasing by 25,316, compared with an increase of 34,196 for Saturday … New York State continues to be the epicenter of the epidemic in the United States with more than 123,000 cases in total, or around 36% of the confirmed total in the country. But even in New York, the number of new cases slowed Sunday with an increase of about 8,200. New York Governor Andrew Cuomo said deaths from the New York virus had declined for the first time, while hospitalizations also declined. “

The New York Times added: “Despite nearly 600 recent coronavirus deaths recently reported in New York on Monday, the state’s second day death toll, Governor Andrew M. Cuomo said there were still signs that the epidemic was starting to slow down. . For days, New York officials looked for indications that the virus was peaking in the state, which was the US epicenter of the pandemic. Sunday’s day-to-day death toll fell to 594 from 630 the day before. Monday was pretty much the same as Sunday 599, Cuomo said. “

The Times also noted that the daily increase in people in intensive care in New York from Sunday to Monday 128, “was the smallest in at least two weeks. Last week, the number of people in intensive care beds, which have fans, increased by more than 300 people a day, suggesting that the state will soon run out of fans. “

Thecity.nyc reported: “After peaking at 118% between March 17 and March 18 – just after schools, restaurants and other gathering places are closed – the number of new cases has dropped between 9% and 13% per day since March 29, according to THE CITY analysis of data from the city’s health department. “

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