Major U.S. stock indexes opened higher this morning, as investors continued to cheer efforts to reopen portions of the economy. Follow along with the latest stock market updates here:
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York City, November 21, 2019.9:55 am: Bank stocks bolstered by economic reopening The SPDR S&P Bank ETF and the Regional Banking ETF are both up about 5% as bank shares rallied on hope of the economy reopening.
Those gains put both ETFs up more than 13% for the week and on pace for their biggest weekly gains since April. Citizens Financial, Regions, Truist, Citigroup and Wells Fargo drove those gains, jumping at least 14% this week. —Major U.S. stock indexes opened sharply higher Wednesday morning as investors continued to cheer efforts across the United States to reopen portions of the economy. The Dow gained 350 points, or 1.4%, at the opening bell while the S&P 500 gained 0.9%. Gains were led by the equities of companies that would benefit most under a full reopening, including airlines, retailers and cruise line operators. Goldman Sachs and JPMorgan Chase led the Dow higher while Alaska Air, American Airlines, United Airlines, Carnival and Nordstrom carried the S&P 500 back above 3,000. —Data released by Bank of America showed the bank's clients were net buyers of U.S. stocks last week as hope around the economy reopening grew. Institutional investors drove the biggest inflows into U.S. stocks, adding $1.97 billion to their stock positions. Corporations increased their equity exposure by $277 million. However, those inflows were offset by hedge funds pulling $920 million out of stocks while retail clients took $570 million from the equity market. —8:14 am: Life is beginning to return to normal, but Barclays says still a far way to go As states reopen their economies, Barclays combed through different data sets in order to assess how quickly life is getting back to normal. The firm found some encouraging signs, but noted that there's still a far way to go. For instance, Barclays found that S&P 500 company employees are gradually beginning to return to work. The median staffing pare back for companies within the benchmark index now stands at almost 90%, compared with a 95% reduction in mid-April. The firm also highlighted findings from its so-called "National Activity Index," which measures foot traffic in areas like hospitality and leisure, health care, retail, manufacturing and professional services. Barclays found that the index "remains significantly depressed from its February 2020" reading, but noted that it has rise from -52% to -48% since the end of April. –Several Wall Street analysts raised their price targets foron Tuesday, led by Jefferies raising its target to $370 per share form $350, tying a Street-high. Jefferies analysts said in a note that web traffic data showed strong demand for the iPhone SE, suggesting that conensus estimates for iPhone sales is too low. Bank of America said in a note that it was bullish on Apple's services growth and raised its target to $340 from $320, wile Deutsche Bank pushed its mark to $320 from $305, citing CNBC's report that Apple is reopeningPoundWedbush analyst Dan Ives hiked his price target on electric car makerto $800 per share from $600 per share, noting "storm clouds [are] starting to clear" for the company. "The company took a major step forward around fulfilling demand and production concerns with the Fremont artery now up and running after the Musk vs. Alameda County stand-off got resolved," Ives said, adding that underlying demand for Tesla's Model 3 in China is still strong. Ives' new price target is below Tesla's previous closing price of $818.87. —7:45 am: EU announces plan for 750 billion euro recovery fund as pandemic wreaks havoc on economiescontinues to hit worldwide economies. The details of the fund have not been decided, with France and Germany in favor of issuing mutual EU debt, while nations including Austria and Sweden are in favor of issuing loans instead. On June 18 leaders from the 27 EU member states will meet to finalize the details of the fund. —
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