“We’ve widened the gap between large and small” businesses under coronavirus lockdowns, Wharton’s Jeremy Siegel said yesterday. “It was almost a capitalist dream.”
New York Stock Exchange President Stacey Cunningham said onthat she does not expect the protections put in place for workers at the exchange to prevent all infections. In response to whether the floor of the NYSE would close again if a worker tested positive, Cunningham said the measures — which include temperature checks and mandatory mask-wearing — were designed to prevent outbreaks.
"It's not designed to prevent an individual case. Somebody may be exposed outside of this building, show up here and we find out that they tested positive. The protections that we put in place have been designed to prevent an outbreak so that the likelihood of an infection passing around the floor is greatly diminished," Cunningham said.In yet another sign of economic recovery, new home sales rose 623,000 in April, compared with the expected 490,000, according to estimates from Dow Jones. Homebuilder stocks rallied on the data, with KB Home jumping more than 7%, while D.R. Horton and PulteGroup each traded more than 5% higher.As stocks soared on Tuesday, President Donald Trump took to twitter to comment on the move. "Stock Market up BIG, DOW crosses 25,000. S&P 500 over 3000," he wrote about 15 minutes after the opening bell. Trump, who has been in favor of businesses getting back up and running, added that "states should open up ASAP." "The Transition to Greatness has started, ahead of schedule. There will be ups and downs, but next year will be one of the best ever!" he said. –About 15 stocks traded higher at the New York Stock Exchange for every decliner in early trading as the broader market rallied. Overall, more than 2,500 NYSE-listed stocks rose while just 192 declined, according to FactSet data. —The New York Stock Exchange partially re-opened on Tuesday, after closing on March 23 amid the pandemic. Traders cheered as New York Governor Andrew Cuomo rang the opening bell ahead of his daily press briefing. The NYSE was closed for the longest period of time on record.Department store chainsaid in a memo for its new bond offering that it is seeing a stronger rebound in customers at its reopened stores than it had been anticipating. Macy's reopened 68 stores on May 4 and is gradually opening others. "We have seen greater demand than we expected, with demand averaging approximately 50% compared to 2019 levels. While we continue to work through our excess inventory, we expect that gross margins in fiscal 2020 relative to the prior fiscal year will be lowest in the second quarter, with sequential improvement going forward," the memo said. Macy's announced a $1.1 billion bond offering on Tuesday that the company said will be used to pay down its revolving credit facility. Shares rose 10% in early trading.The Dow is back above 25,000The S&P 500 is above its 200-day moving average for first time since March 59:32 am: Home prices increased in March, Case-Shiller Index shows Home prices continue to increase at a modest rate across the U.S., even amid the coronavirus pandemic., compared to a year prior, according to the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. This was an increase from the 4.2% rise in February of 2020. The 10-City Composite rose 3.4% annually, up from 3% in the previous month. The 20-City composite increased 3.9%, up from 3.5% in February.Stocks began the holiday-shortened week on a high note, with gains right out of the gate on Tuesday. The Dow Jones Industrial Average rose 603 points, or 2.47%. Meanwhile the S&P 500 traded 2.17% higher, while the Nasdaq Composite was up 1.8%. All major averages are coming off a positive week -- the Dow's best since early April -- as investors have cheered economies reopening, as well as a potential Covid-19 vaccine.Canaccord strategist Tony Dwyer expects a "relative bounce" in "value, banks and tanks " as the economy continues to reopen. "The SPX has seen a historic move on the back of the mega-cap 'COVID-19' beneficiaries of the shelter-in-place policy for most of the country," Dwyer wrote in a note. "As the economy accelerates the reopening and the financial conditions reverse their recent tightening, there is likely to be a shift into those areas that benefit from a broader and more vibrant recovery." —
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