Morgans Financial Limited

Morgans AM: Tuesday 3 March 2020


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US equity markets rebounded strongly, surging into the close amid hopes of global central bank stimulus measures  - Dow up +1,294-points or +5.09% higher, marking the indices largest daily points gain ever and biggest percentage advance since March 2009. Apple Inc (up +9.3%) was the leading Dow constituent. Walmart Inc and Merck & Co gained +7.6% and +6.3% respectively.  The broader S&P500 rose +4.61% to record its best single session performance since 26 December, 2018. All eleven primary sectors advanced, with Utilities (up +5.86^), Information Technology (+5.70%), Consumer Staples (+5.48%) and Real Estate (+5.05%) gaining over >5%. The NASDAQ jumped +4.48%. In merger and acquisition (M&A) headlines, Xerox Holdings Corp launched a cash-and-scrip offer to acquire HP Inc (for US$24 per share in cash and 0.149 Xerox shares for each HP share). HP said its board is reviewing the unsolicited bid.
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