This archive report was first published on 23 April 2020.
On April 22, 2020, US equity markets staged a remarkable recovery, closing higher after a two-day sell-off triggered by a crash in energy markets. The Dow Jones Industrial Average surged 1.99%, while the Nasdaq 100 rose by over 3% and the S&P 500 closed 2.29% higher.
The technology sector was the key driver of market sentiment, with Microsoft leading the charge, rising 3.40%. This rebound came as the US Senate approved its fourth relief package, worth $484 billion, aimed at helping small businesses weather the pandemic.
Meanwhile, President Trump signed an executive order to temporarily halt immigration into the country, a move expected to last for 60 days and aimed at mitigating the economic impact of COVID-19.
Oil prices also saw a significant increase, with WTI contracts for June gaining over 20% to sell for $14.18 per barrel at 10:00 am Eastern Time, while Brent rose by nearly 10% to hit $21 a barrel.
Source: FXPesa Kenya
