Stocks are higher on Wall Street Monday, led by healthcare companies
U.S. stocks rose Monday morning, though markets were tentative around the world amid uncertainty about whether global authorities can do enough to nurse the economy through the coronavirus pandemic.
Some of Monday’s sharpest action was in the oil market, where benchmark U.S. crude fell more than 5% and dropped below $20 a barrel for the first time since early 2002. Oil started the year above $60, and prices have plunged on expectations that a weakened global economy will burn less fuel. The world is awash in oil, meanwhile, as producers continue to pull more of it out of the ground.
Most voices on Wall Street are telling investors to prepare for more losses, but the possibility of a new bull market emerging has the first green shoots of optimism appearing.Last week, Congress passed a $2-trillion rescue package for the economy, and the Federal Reserve promised to buy as many Treasurys as it takes to get lending markets working smoothly. Forced selling by investors looking to raise cash may also be easing, and Morgan Stanley strategists said the worst may be behind us.
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