31.03.2020 S&P 500 Daily Analysis

31.03.2020 S&P 500 Daily Analysis

Today S&P 500 is trading at $2,626.65 (+3.35%). On Monday, the US stock market closed at a high especially in the Healthcare, Technology and utility sectors. A few companies were the biggest winners on the S&P 500, such as Universal Health Services Inc. (UHS), Cigna Corp (Cl) and Autodesk Inc. (ADSK). UHS rose 12.52%, Cl rose by 10.52% and ADSK went up by 10.13%. Investors` faith in the US government is being restored slowly, as many investors believe President Trump`s extension of the social distancing guidelines will reduce economic damage in the long run. Stocks continue to rally even though there has been concerning economic data such as the US jobless claims which had a  record number of 3.28 million. Tom Lee, head of research at Fundstrat Global Advisors said,   “I think the market has established some type of bottom. If we are rallying on bad news, I think that’s a sign that we are probably at a bottom.” S&P 500 is building on their gains from last week when they had their best three-day win since the 1930s. S&P 500 has risen more than 17% from the coronavirus sell-off.