Wall Street Raises Hopes with Getting Optimistic Look from PayPal

Wall Street Raises Hopes with Getting Optimistic Look from PayPal

US stocks received an optimistic outlook from PayPal on Thursday, boosting hope for a surge in Chinese exports. After a stagnation led by a deep coronavirus, it can go to a faster economic recovery. The payment processor increased by 13.3%, and after predicting a strong recovery in payment volumes, it made S&P 500 the biggest increase. In the second quarter, social distance leads more people to shop online. Its shares helped increase the technology index by 1.7%, while the larger peer-level Visa Inc (NYSE: V) gained 3.2%. The company issued higher than expected revenue and promised to make costs even more profitable. Lyft Inc (NASDAQ: LYFT) increased by 23.1%. Competitor Uber Technologies (NYSE: UBER), which is expected to report results after markets close, gained 7%. "When expectations are set too low, any positive news is really welcomed and the ongoing negative news is pushed to the other side," said Rick Meckler, partner of Cherry Lane Investments in New Jersey. US stock indices sharply recovered from monetary and fiscal stimuli and coronavirus-fueled sales, backed by strong states that reopened businesses on major crashes. Wall Street fell back to the levels it was trading at the beginning of March, before the fluctuation reached its highest level in 12 years due to the COVID-19 outbreak. However, the S&P 500 is still 15% below the February record. Recent data show that 3.17 million Americans applied for the government's unemployment allowance last week. However, it showed that this number indicates a weekly decrease in applications. A more comprehensive non-agricultural payroll report will be released on Friday.