The Dow jumped 200 points today as investors focus on reopening the economy by skleb1234
The Dow Jones Industrial Average was up 0.8%, over 200 points, at Wednesday’s open, while the S&P 500 rose 0.7% and the tech-heavy Nasdaq gained 0.3%. Stocks are set for a third straight day of gains, moving higher on optimism about reopening the economy and despite widespread civil unrest across the country stemming from the death of George Floyd.
Investors don’t see the mass protests as a threat to either corporate earnings or an economic recovery,The market also got a boost after ADP and Moody’s Analytics reported that private payrolls fell by anotherStocks that would benefit from a reopening have been rallying in recent days, including airlines, cruise operators, casinos, banks and some retailers.during the first quarter; The stock is up over 200% so far in 2020.“Good news on vaccines helped stocks in May, but U.S.-China relations and civil unrest could steal the spotlight in June,” according to a recent note from Lori Calvasina, chief U.S. equity strategist for RBC Capital Markets. “The S&P 500 remains highly news flow driven.”“It is still hard to get comfortable with valuations while the fundamental narrative is growing increasingly disconnected with reality,” argues Vital Knowledge founder Adam Crisafulli. Many investors are inaccurately conflating reopening with economic normalization, he says, and several risks looming on the horizon are being ignored.The market is moving higher in June, building on back-to-back monthly gains. Both the Dow and S&P rose more than 4% in May, after rallying more than 11% in April. The S&P is now up over 40% from its coronavirus crisis-level low on March 23.
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