The Australian Securities Exchange (ASX) has finished the week on a strong note before the Easter long weekend, echoing the optimism of Wall Street overnight. The ASX200 index finished off the session up 3.46%, and the Australian dollar was worth 61.99 United States dollars. Markets will reopen on Tuesday following the four day Easter break.
The ASX lifted in response to US markets rising overnight following positive news from the country, with the S&P/ASX200 (AXJO) rising 1.66 percent and the All Ordinaries index (AORD) rising 1.73 percent. The primary impetus of the US stock price rise was news of another stimulus package to be implemented as well as a surge in oil prices.
The S&P 500 index rose 3.4 percent, while the Dow Jones and NASDAQ indexes closed at almost four-week highs.
Investor sentiments remain tentative despite the stock price recoveries seen today, as the coronavirus pandemic continues to stifle the economy and businesses in a very significant manner. Investors want to know how the economy is going to be restarted once the coronavirus threat has been mitigated.
So far we are seeing Band-Aids instead of bandages to heal the wounded global economy, but the blood does seem to be flowing less.