- Dow Futures soared overnight as data in Europe and New York suggests the peak of the coronavirus outbreak is now within reach.
- Governor Andrew Cuomo also noted a huge portion of cases have been de-hospitalized.
- The Dow Jones is not in the clear yet, as consumer demand could remain depressed for some time even after the lock-down is lifted.
The Dow Jones ripped 700 points higher overnight as investors finally saw the beginning of the end to the coronavirus crisis. New York Governor Andrew Cuomo announced the peak of the outbreak in the region might be within seven days, and stock market investors can now start pricing for lock-downs to be eased eventually.
The outlook for consumer demand is still a significant headwind longer term for the Dow.
Dow Futures Rocket As COVID-19 Data Improves
All three of the major U.S. stock market futures indices rallied overnight, carrying the Dow Jones, S&P 500 and Nasdaq more than 3% higher.
In the commodity sector, the price of oil bounced off its lows as stocks gained, as crude ate into its losses after a big $2 gap down to $26.30 at the start of the session. Risk-on conditions were not good news for the price of gold, which dipped slightly at the open of trade.
The coronavirus now has more than 1.2 million confirmed cases around the world. Three hundred forty thousand of these are in the United States, while Europe has three nations (Germany, Spain and Italy) which have more than 100,00 cases combined.
Despite these worrying statistics, there are signs in both the U.S. and Eurozone that the tide may be turning. Italy, which has been the epicenter of the crisis in the region, has hopefully seen its deaths peak, while Spain is also seeing a deceleration.
It was the home of Wall Street, N.Y.C. where the most positive development for the stock market was seen.
For the first time, Governor Andrew…