A stabilising oil market and news the Federal Reserve will pump trillions into the economy helped Wall Street rebound this week, according to Centennial Asset Management's Matthew Kidman
A stabilising oil market and news the Federal Reserve will pump trillions into the economy helped Wall Street rebound this week, according to Centennial Asset Management's Matthew Kidman. America's financial markets closed up on Thursday, with the Dow Jones Industrial Average gaining 285 points or 1.2%. Meanwhile, the S&P 500 rose 1.5% and the Nasdaq was up by 0.8%. That rally coincided with the Federal Reserve's announcement it will provide up to $3.
6 trillion in loans to help struggling households and businesses cope with the COVID-19 pandemic and Russia and Saudi Arabia agreed not to pump extra oil into the already saturated market. Despite the rally, Mr Kidman said it's not clear if Australia and America are in a "bear market." "Everything is so compressed and everything is moving so quickly," he said. "It all depends we are locked downed for, how quickly we can come out.
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