The Nasdaq climbed for its sixth straight session on Monday as shares of big tech companies resumed their rally. Here's how the major averages performed: - The Dow lost 109 points. - The S&P 500 rose .01%. - The Nasdaq gained 1.5%.
." "There'll be a shift in focus from liquidity issues somewhere down the line to solvency issues. If we don't find a vaccine or a cure, if we don't find a much better way of testing at scale ... then I think the market's going to have a much more difficult time."
More than 4.1 million coronavirus cases have been confirmed globally, with 1.3 million of those infections coming from the U.S,The major averages were coming off their first weekly advance in three weeks, with the S&P 500 gaining 3.5% last week. On Friday, investors shrugged off the biggest one-month job losses on record.
Stocks that would benefit from the economy reopening are also up sharply since then. MGM Resorts has soared more than 70% while Disney is up 27.3% in that time.Despite the market's strong performance at the index level, Dan Russo of Chaikin Analytics thinks that under the surface, "the real story has been unfolding."
"Over the past three months, which roughly lines up with the top in the S&P 500, it is the economically sensitive cyclical sectors of the market that have lagged," the firm's chief market strategist said in a post, highlighting the performance of energy, financials and industrials over that time period. All three of those sectors are down more than 24% over the past three months.
Apple said Friday it will start to reopen U.S. stores this week. The stores, Apple said, will have temperature checks and will limit the number of customers inside the store at once.for exclusive insights and analysis, and live business day programming from around the world.
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