Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 28, 2020. REUTERS/Lucas Jackson
Reuters: Wall Street surges on signs of economic rebound
NEW YORK (Reuters) - Wall Street jumped in a broad rally on Wednesday, closing ground on all-time highs as signs of recovery from mandated economic shutdowns helped investors look beyond ongoing social unrest and pandemic woes.
Financials, industrials and tech led the three major U.S. stock indexes well into the black, with the S&P 500 and the Nasdaq on course to post their fourth straight day of solid gains.
The Nasdaq, the S&P 500 and the Dow have rebounded sharply from March lows hit as coronavirus-related lockdowns shocked the stock market, and they are now about 1.6%, 8.1%, and 11.6%, respectively, away from overtaking record closing highs set in February.
The Nasdaq 100 .NDX is now within half a percent of its February record.
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Update: Wall Street’s rally rolls into Day 4 on reopening hopes (AP)
WNU Editor: So why is the US stock market surging with all of this bad news, and with even more bad news expected in the next day or two .... US job losses in May could raise 3-month total to 30 million (AP). I think it is because of a combination of factors. The first one being the US Federal Reserve, and the pumping of a lot of money into the markets. (2) The massive unrest in the U.S. since last week appears to be tampering down. (3) The reopening of some businesses after being locked down for almost 3 months. And (4) the perception among many in the stock market that President Trump will be re-elected in November. I think this perception that President Trump will win is premature, but those who I know are making their investments based on that belief/perception.And as for the rest .... I am not sure if it is sustainable. And if a second and more deadly wave returns later this year when the weather and climate favours it, all bets are then off.
8 comments:
I agree that the stock market it is up, because of the Fed and an anticipated re-election of Trump.
Before March 2020 the stock market preceded the record low unemployment. I just want to point that out. I would not assert that it is a leading indicator. I do not know.
When Corona payment run out, welfare won't look so good. People will want to got to work. Some people make more with unemployment and corona payments than work. Also some people may not want to loot as much as the benefit cost ratio will change and it won't be in their favor.
WNU- I think on this you are very off base.
So far all these so called experts have been wildly, I mean wildly, off base and completely incorrect. Ferguson in the UK-500K to 20K, oh so sorry! 2.2 million US deaths vs 100-150K, still allot but 68K died of flu and no one gave f*ck. Take care of nursing homes. 80% of deaths in my state are in nursing home situations.
That drops death rate to maybe 20,000 outside of nursing homes nationwide. Take out the 80% in homes and the body count drops to a bad flu season. Fauci and Birks have vanished after scaring America into a disaster. Mask on no, oh no mask on. Don't touch surfaces, oh sorry Covid doesn't spread on service aftet billions spent cleaning.
But they still collect 6 figure plus paycheks, speaker fees, boards, and live in gated communities, why do they give a FU*k.
Editor,
With regards to point 2 I hope you're right. While I love a positive attitude as much as anyone, this isn't what I'm seeing. Where is this information coming from?
While I will say the rioting/looting in Houston, TX near where I live has been minimal compared with some places so far and I pray it stays this way, I'm seeing nothing to indicate this is tampering down at all. In fact, it's looking to me like the opposite!!
I'm reading reports that indicate the leadership of this wants to bring this to the suburbs. At least if they do, the residents will fight back and will have more support from police than has happened in some of the major cities. Unfortunately the lightly armed and thinly supplied local police departments are going to have a hard time matching up with these groups and, while the citizens have guns, most are poorly trained in the use of firearms.
Furthermore these people nearly breached the White House. I'm not sure how a local police force in the suburbs is going to match up with that. It appears to me this is going to require some real force to back up both law enforcement and the local residents. This is going to require active duty military likeky meaning the so called Insurrection Act is going to have to be invoked, not if but when.
Even if it really is tampering down any arrests of the perpetrator has been minimal and virtually nothing has been done to identify and infiltrate the leadership meaning essentially they can simply start up the rioting and looting anytime they want to at any place they choose. Why would anyone build anything in such an environment knowing that the thugs can simply take it away and should you try and defend your property or your self....
I really hope you're right but I really don't see what Wall Street is thinking here. Perhaps the Houston, TX model is worthy of study. Specifically how have we thus far, operative words being thus far been able to avoid the kinds of rioting, looting, and murder that have plagued various other cities? I hypothesize the following: 1.) NYC and others have been quick to excuse the thugs and their actions. Houston is less likely to do this meaning they are more likely to be met with extreme force at the start essentially making the actions more costly and in the face of such costs they've thus far refrained from such actions. 2.) The culture is based more upon "southern hospitality" and respect for others, their families, and their property than seems typical in other places. Whatever it is thus far, while it's not been perfect, we've been spared much of shat others have had to experience. I pray it continues.
Ты остаешься чертовым русским ботом ... совет: даже те, кто правы, знают, что ты чертовски маленький мальчик-бот, соси член на обед
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