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Wall Street Set To Open Positive

wallstreet march20 lt

Instructions for home quarantine and lockdown are implemented across the globe to contain the coronavirus epidemic. California has ordered its nearly 40 million residents to stay home. Worldwide cases of corona infection crossed 250,000 and US cases of Covid-19 spiked to 13,000 as on Thursday.

Though the fear is rightly reflected in market sentiments, the pumping of money by the governments to avoid worldwide recession is showing certain positive results.
Early signs from the U.S. Futures Index suggest that Wall Street might open positive.
Asian shares finished higher, while European shares are trading on positive territory.

China reported no new domestic coronavirus cases for the second consecutive day, but there were 39 newly confirmed COVID-19 cases on the Chinese mainland, all of which were imported.

As of 8.10 am ET, the Dow futures were adding 608.00 points, the S&P 500 futures were up 63.25 points and the Nasdaq 100 futures were progressing 273.00 points.
The U.S. major averages recovered from initial weakness to end Thursday in positive territory. The Dow jumped 188.27 points or 1 percent to 20,087.19, the Nasdaq surged up 160.73 points or 2.3 percent to 7,150.58 and the S&P 500 climbed 11.29 points or 0.5 percent to 2,409.39.

On the economic front, Existing Home Sales for February will be issued at 10.00 am ET. The consensus is for 5.5 million, while it was 5.46 million in the prior month.
Baker Hughes Rig Count for the week will be released at 1.00 pm ET. In the prior week, the North American Rig Count was 967 and U.S. Rig Count was 792.

Asian stocks closed mostly higher. China's Shanghai Composite index rallied 43.49 points, or 1.61 percent, to 2,745.62 while Hong Kong's Hang Seng index surged as much as 5.05 percent to 22,805.07.

China left its benchmark lending rates unchanged. The one-year loan prime rate was retained at 4.05 percent and the five-year loan prime rate at 4.75 percent. The one-year LPR was last reduced in February, by 10 basis points.

The Japanese markets were closed for the Vernal Equinox holiday.

Australian markets rebounded from four-year. The benchmark S&P/ASX 200 ended up 33.70 points, or 0.70 percent. The broader All Ordinaries index rose 44.90 points, or 0.93 percent, to 4,854.30.

European shares are trading higher. CAC 40 of France is adding 198.11 points or 5.14 percent. DAX of Germany is increasing 402.31 points or 4.73 percent. FTSE 100 of England is climbing 91.75 points or 1.78 percent. Swiss Market Index is up 6.44 points or 0.08 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 4.66 percent.

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