NZ shares rally on US stimulus; beat-up stocks recover
The S&P/NZX 50 Index increased 368.09 points, or 4 percent, to 9,632.47. Within the index, 43 stocks gained, six fell, and one was unchanged. Turnover was $210 million.
US policymakers are finalising a massive bailout for the world’s biggest economy, providing support to businesses and workers as covid-19 spreads. Governments around the world have rolled out major packages to soften the economic blow as they impose lockdowns to limit the infection.
Greg Smith, head of research at Fat Prophets, said the stimulus package helps ease fears about the economic damage being wrought by the pandemic, but it was far too soon to call a bottom.
“It’s been a couple of good days after a traumatic few weeks,” he said.
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