U.S. futures rise at end of dismal first quarter

Andrew Cummings
March 31, 2020

"Strategically, we continue to expect the S&P 500 will rise to 3000 by year-end 2020 as economic and earnings growth rebound from their 2Q trough", Goldman Sachs strategists wrote in a note to clients on Monday.

Stocks experienced gains earlier on Monday after drug giant Johnson & Johnson (JNJ) announced plans to start human testing of an experimental vaccine against the coronavirus by September.

Abbott Laboratories climbed 6.41% after winning US approval for a diagnostic test for COVID-19.

The S&P 500 had posted its biggest weekly percentage gain in over a decade last week, while the Dow Jones its best since 1938, thanks to the record $2.2 trillion in aid agreed by officials.


Along with healthcare, the technology sector also rose by over 4 percent on the day, as Microsoft shares jumped by over seven percent, the biggest boost to the broad S&P 500.

"You are looking for a way to re-enter the market on stocks that are going to give you an opportunity to participate", said Phil Blancato, CEO of Ladenburg Thalmann Asset Management in NY.

Stocks opened higher on Wall Street Monday in more volatile trading as investors try to assess whether global authorities can do enough to nurse the economy through the damage caused by the coronavirus outbreak.

The S&P 500 index rose 85.18 points, or 3.4%, to 2,626.65.


JPMorgan Chase & Co said on Saturday it expected real USA gross domestic product (GDP) to fall 10% in the first quarter and plunge 25% in the second quarter.

JPMorgan Chase & Co said on Saturday it expected real USA gross domestic product to fall 10% in the first quarter and plunge 25% in the second quarter.

The S&P/TSX composite index was up 212.36 points at 13,250.86 at 9:50 a.m. ET.

Abbott Laboratories was the top gainer among S&P 500 components, rising almost 10% after it won US approval for a diagnostic test that can detect coronavirus in minutes.


The Canadian dollar traded for 70.00 cents United States compared with an average of 70.64 cents United States on Monday.

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