U.S. stocks notched their fourth gain in five sessions on Wednesday as investors again bet on a swift economic recovery and the potential for more stimulus measures from the Federal Reserve
The S&P 500 stands at a two-month high and was briefly above its 100-day moving average, a closely watched technical indicator that has acted as a resistance level. The Nasdaq finished at its highest close in three months and was 4.5% below its Feb. 19 record close, as shares of Facebook Inc and Amazon.com Inc surged to all-time highs.
“We have way lower interest rates for the foreseeable future, so that effects the multiple that we have to buy discounted stocks at,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. “And if you give yourself a little bit more time, is it crazy to think everything is going to come back in two years and you are going to hold it three to five years?”
Lawmakers in the U.S. House of Representatives plan to vote next week on giving small businesses more time to utilize their coronavirus aid under the Paycheck Protection Program, House Speaker Nancy Pelosi said on Wednesday. The New York Stock Exchange is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York City, New York, U.S., April 13, 2020. REUTERS/Andrew Kelly
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