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With the global economy coming to a complete standstill following the coronavirus pandemic, U.S saw a glimmer of hope when the stocks rose on Wall Street on Tuesday depicting a hope during this fight with a global pandemic.

This happened while the governors of the state are all working together to reopen the economy as soon and as safely as possible. They do believe that the coronavirus pandemic is gradually levelling off in some of the worst hit areas in the country.

The traders have been keeping an eye out on some of the big companies like Johnson & Johnson, JPMorgan Chase who have been submitting their first three month reports, providing an early peek into the situation for the investors on this global pandemic has likely hit their businesses.

The S&P increased by 2.8%, recovering the loss that they incurred in the last 24 hours. The overall benchmark index also experienced a surge by 12% in the last week, which is still 18% lower than the all time high that was witnessed in February.

The majority of the spikes in the stocks were powered by the technology stocks. It also drove the Dow Jones Industrial Average around 608 points higher than normal. The overall Nasdaq also rose by 3.4%.

Most of the European markets were higher following reopening after the holidays, the Asian markets the maximum at this point.

The bond prices have increased as well. While Johnsons and Johnsons rose after beating the general earning estimates while JPMorgan Chase used their far sighted outlook and saved billions of dollars to recover the losses that they have experienced.

Majority of the traders and analysts believe that the earnings reports by all the companies under the S&P 500 will fall down by 9% in the first quarter of the year earlier. This is expected to be the biggest annual decline till date.

Some of the other countries that are also reporting their earnings reports this week include Wells Fargo, Bank of America, UnitedHealth Group, and Rite Aid.

For the time being, Wall Street is primarily focusing on what kind of strategies and plans these companies have for their earnings for the rest of the year.

There has been cautious optimism on the part of the people saying that it is likely that the outbreak in U.S has become plateau in some of the worst hit areas in the country. Another infusion of help from the Federal Reserve has been of big importance in this time of crisis.

The sudden shutdown of the businesses and mandates of the people to stay at home has led to people getting out of work. There have been likelihoods of several businesses going bankrupt this year following the coronavirus pandemic.

President Donald Trump has also been in talks with some of the senior aids about rolling out strategies surrounding opening of the economy once everything starts looking back up. Trump even stated saying that he could even force the governors to reopen the economy.

U.S currently has over 610,000 confirmed cases and has reported over 26,000 deaths in the country.

By Somapika Dutta