The S&P 500 was on track to recoup about US$1 trillion in market value in a frantic rally on Monday after New York, the biggest U.S. coronavirus ...
The S&P 500 was on track to recoup about US$1 trillion in market value in a frantic rally on Monday after New York, the biggest U.S. coronavirus hot spot, reported a fall in daily deaths, raising hopes that the pandemic could level-off soon.
"Seeing signs of stabilization in New York City is probably the most important thing given the amount of capital that's controlled through managers that live in the area," said Thomas Hayes, managing member at Great Hill Capital LLC in New York. Despite Monday's bounce, the S&P 500 remains nearly 20per cent - or US$6 trillion in market value - below its all-time high in mid-February, as the novel coronavirus brought business activity to a virtual halt and sparked mass layoffs.
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