Ongoing virus outbreak created additional pressure on the stocks around the world.
Two days ago, the International Monetary Fund (IMF) made an important announcement. The IMF allocated $50 billion to tackle the impact of the coronavirus.
The IMF plans to provide financial support for low-income and emerging market countries.
International organizations should join forces to minimize the damage caused by the coronavirus outbreak.
It won’t be easy to mitigate the economic impact of the outbreak altogether. However, private and governmental organizations should work together to limit the impact. As a reminder, the global economy is slowing down, and the virus outbreak could further complicate the situation.
Stocks around the world
On March 5, mainland Chinese stocks benefited from the decision made by the International Monetary Fund.
The Dow Jones Industrial Average jumped more than 1,000 points on Wednesday.
For example, stocks in mainland China saw gains on the day. Moreover, Chinese stocks were among the biggest gainers on the day. The Shanghai Composite added 1.99% to about 3,071.68. Meanwhile, the Shenzhen component gained 1.9% to 11,711.37.
Furthermore, the Shenzhen composite added 1.777% to approximately 1,929.44.
Hong Kong’s Hang Seng index rose 1.95% as of its final hour of trading. Shares of life insurer AIA jumped almost 3%.
The S&P/ASX 200 added 1.11% to close at 6,395.70. The shares of CSL soared 3.51%.
The Dow Jones Industrial Average added more than 1,000 points. On Wednesday, Dow Jones added 1,173.45 to close at 27,090.86. Moreover, it was the second-highest point gain in history.
Other U.S. stock indexes also rose on Wednesday. The S&P 500 added 4.2% to finish at 3,130.12. Moreover, the Nasdaq Composite added 3.8% to close at 9,018.09.
The world has become a global village. Consequently, the international community should work together to avoid the worst-case scenario. This way, it will be easier to support stocks.