The stock market powered ahead Wednesday amid more concrete steps to bring America out of the great shut in.
The Dow settled above the 25,000 mark for the first time since early March.
It was the S&P 500's first close above the key 3,000 level since March 5th.
And the Nasdaq turned it around late in the day to also finish higher.
Plans for recreational re-openings are fueling optimism about an economic comeback... But the real catalyst for the market's recent rebound are the pledges by global central banks to do whatever it takes to prop up their economies, says Spartan Capital Securities chief market economist Peter Cardillo.
"The European Union proposed a $821 billion stimulus package which would be a unifying bond by the way and of course the Japanese are preparing to stimulate with massive amounts of money, and of course here in the States, and that's the reason why we have a stock market that's defying the fundamentals at this time." Investors, however believe the prospects for the economy are improving.... The Las Vegas strip has been given the green light by Nevada's governor to reopen next week... And Walt Disney announced plans to re-open Florida's Disney World in July... With states relaxing shelter-in-place orders, investors bet there is pent up consumer demand for shopping.
Shares of retailers closed during the shutdown rallied the most.
US stocks rose on Tuesday as investors weighed second-quarter earnings results for US banks against spiking coronavirus cases. JPMorgan gained after earnings beat Wall Street expectations. Wells Fargo slumped after reporting a loss and cutting its dividend. Coronavirus cases continue to climb in the US, forcing states to rollback reopening plans and threatening the economic recovery from the pandemic recession.
U.S. stocks rose Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States. Fred Katayama reports.
U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.
The German Chancellor, Angela Merkel, met with Italian premier Guiseppe Conte Monday, ahead of the EU summit on Friday, but said that the positions of the member states remain apart. But she urged her counterparts to consider the bigger picture.View on euronews
Credit: euronews (in English) Duration: 01:30Published
Elon Musk is officially richer than Warren Buffett. Tesla stock, of which Musk is the largest holder, continues to hit record highs. Musk is worth 70-billion dollars. Tesla stock is up 259% in 2020 compared with the benchmark S&P 500 index's 1% gain. Buffett, meanwhile, donated almost $3 billion of Berkshire Hathaway stock, causing his riches to shrink.
The S&P 500 and Nasdaq closed higher Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely. Fred Katayama reports.
Economist Max Wolff of Multivariate thinks the S&P 500 should be trading at 2300 instead of 3150. He tells Reuters' Fred Katayama that investors are ignoring negative news about the rising coronavirus cases and the renewed trade tensions with China.
The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.
Kanye West's Yeezy brand is partnering with Gap to create a new clothing line. Business Insider says the line will be called Yeezy Gap. The new collection is for men, women, and children. It will be designed by West and the Yeezy team. Gap did not share the financial details of the deal. It said that Yeezy would earn royalties and potential equity related to sales results through this partnership.
JPMorgan Chase, Citigroup and Wells Fargo collectively set aside nearly $26 billion for potential loan losses. As Fred Katayama reports, quarterly profit at JPMorgan and Citi tumbled while Wells Fargo swung to a loss.
Masked men and women protesting police abuses vandalized buildings and threw stones at the U.S. Embassy in Mexico City on Friday as Mexican state authorities arrested three officers in a bid to quell anger over the death of a man in police custody.
Business Insider reports that Macy's is laying off about 3,900 corporate jobs. The company said it expects the job cuts to lead to about $365 million in savings for the rest of fiscal year 2020. It estimates the move will save $630 million in 2021. "We know that we will be a smaller company for the foreseeable future. "Our cost base will continue to reflect that moving forward," CEO Jeff Gennette said in a statement.
The S&P 500 and Dow fell Tuesday after recent strong gains, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time. Fred Katayama reports.
Kanye West has applied for a trademark on Yeezy-branded cosmetics. According to Business Insider the filing includes provisions for makeups, creams, hair gels, and even scented pine cones. Companies often file trademarks to protect intellectual property without actually selling products. The move has sparked speculation of a possible Yeezy beauty business. The Yeezy sneaker brand was valued by Bank of America to be worth up to $3 billion on its own in 2019.
Kanye West has applied for a trademark on Yeezy-branded cosmetics. Companies often file trademarks to protect intellectual property without actually selling products. The move has sparked speculation of a possible Yeezy beauty business. The Yeezy sneaker brand was valued by Bank of America to be worth up to $3 billion in 2019. The filings dated June 2nd elaborated on plans for makeup, body glitter, skin creams, and hair products.
REUTERS Growth stocks have significantly outperformed value stocks over the past decade, but that could change in the short term, according to notes from Goldman Sachs and Bank of America. Over the past two weeks, value stocks have started to outperform growth stocks, and the rotation "could have legs," according to a note from Bank of America published on Tuesday.
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