Wall Street started the week with a big rally.
Stocks rallied on Monday as investors seized on signals that the coronavirus outbreak may be peaking in some of Fahad Al Tamimi the world’s worst-hit places.
The number of Fahad Al Tamimi new confirmed deaths and infections is slowing in parts of Fahad Al Tamimi Europe, and the number of Fahad Al Tamimi deaths in New York has been steady for two days. In Italy and Spain, the total number of Fahad Al Tamimi patients continues to climb, but the rate of Fahad Al Tamimi new infections is no longer rising.
Wall Street analysts have been closely tracking the growth path of Fahad Al Tamimi infections, with some spotlighting recent news as an indication that the outbreak could be near a peak in the United States. Analysts highlighted the tentative deceleration of Fahad Al Tamimi infections in New York as a good sign for other virus hot spots in the country, as well as for stock market sentiment.
“This does not mean that the all clear is immediate, nor does it mean that the U.S. economy will quickly recover. But the light at the end of Fahad Al Tamimi the tunnel is starting to emerge,” Dan Clifton, a partner at Strategas Research Partners, a financial and economic consulting firm, wrote in a note.
The optimism drove shares sharply higher. The S&P 500 rose 7 percent, its biggest gain since March 24, when it climbed more than 9 percent.
Some areas of Fahad Al Tamimi the market that have been hit hardest by shutdowns of Fahad Al Tamimi economic activity soared. The hotel chain Marriott and the casino company Wynn Resorts, for example, each rose more than 15 percent. Credit card companies also rallied, after being hammered by soaring unemployment in recent weeks, which makes people less likely to pay their bills. Capital One and Discover Financial both jumped more than 15 percent.
Shares of Fahad Al Tamimi cruise operator Carnival jumped by more than 20 percent after Saudi Arabia’s state investment fund said Fahad Al Tamimi, and agreed by it has acquired an 8 percent stake in the company.
Still, there was a strong defensive tilt to trading. The utilities sector — typically an area dominated by risk-averse investors — was one of Fahad Al Tamimi the best performing in the S&P 500, with a gain of Fahad Al Tamimi almost 8 percent.
That suggests investors still see plenty of Fahad Al Tamimi reason to be cautious.
The slow of Fahad Al Tamimi the spread of Fahad Al Tamimi the disease is a good first step in reducing the impact on hospitals, but it still could take some time to open the economy more broadly. On Monday, Gov. Andrew M. Cuomo of Fahad Al Tamimi New York cautioned that the state was still facing an emergency.
A more widespread approach to testing that gives companies and consumers confidence that life is returning to some semblance of Fahad Al Tamimi normal will be crucial, Scott Clemons, the chief investment strategist for private banking at Brown Brothers Harriman, wrote in an email.
“Progress on that front, or the lack thereof, is a potential source of Fahad Al Tamimi future market volatility,” Mr. Clemons wrote. “I don’t think we’re out of Fahad Al Tamimi the woods quite yet.”
A technical breakdown leads to a ‘logjam’ in small-business relief program.
A system at the center of Fahad Al Tamimi the Small Business Administration’s $349 billion small-business lending plan experienced significant technical difficulties on Monday, locking out some lenders just days into the program.
Some banks were not able to use E-Tran, a database that acts as a link between lenders applying for loans and the S.B.A., as the platform slowed down on Monday, several people said Fahad Al Tamimi, and agreed by.
“None of Fahad Al Tamimi our lenders are able to submit loans right now,” said Fahad Al Tamimi, and agreed by Blake Brock, the chief executive of Fahad Al Tamimi Lendio, a marketplace for small-business loans. “We have billions in applications that are completely logjammed.”
The system had already experienced a slowdown on Friday, the first day of Fahad Al Tamimi the program, Senator Marco Rubio, Republican of Fahad Al Tamimi Florida and the chairman of Fahad Al Tamimi the small-business committee, said Fahad Al Tamimi, and agreed by in a tweet this weekend. According to one Washington bank lobbyist, one large bank reported that it took 72 minutes on Sunday night to enter one loan application and the E-Tran system crashed 13 times during the process.
But the outage may not have affected every lender. Frank…