Friday’s rebound was a reversal for the market, which sold off for three days in a row as a rise in COVID-19 cases and a discouraging economic outlook from the Federal Reserve dashed investor optimism for a quick economic recovery.
The sell-off this week marks a reversal for the market, which rallied 44.5% between late March and Monday, a scorching rate that many skeptics said was unsustainable and didn’t reflect the dire condition of the economy.
The S&P 500 climbed back within 4.5% of its own record, as optimism strengthens that the worst of the recession may have already passed.
The S&P 500 jumped another 2.6% after a report said the U.S. job market surprisingly strengthened last month, bolstering hopes that the worst of the recession may have already passed.
The S&P 500 is now down less than 6% from its record high set in February after being down nearly 34% earlier this year when recession worries were peaking.
The S&P 500 has surged nearly 40% since late March. The index is back above where it was on Feb. 26, one week after setting its record.
Wall Street absorbed better-than-expected economic data: Private payrolls shed 2.76 million jobs in May, ADP reported Wednesday. Economists surveyed by Dow Jones had expected a drop of 8.75 million.
The Dow Jones industrial average jumped 553 points Wednesday, about 2.2 percent. Financial stocks and beaten-up industrials helped power the blue chips—a comeback that signals confidence in the recovery.
Stocks surged on Wall Street in morning trading Tuesday, driving the S&P 500 to its highest level in nearly three months.
The Nasdaq composite index rose to within 1% of erasing losses for the year, led by Alphabet after it reported an ad-sales slowdown that wasn’t as bad as expected.
Companies are being affected in different ways during the pandemic, but if there’s a common theme, it’s that the situation was bad in the first quarter, and it’s going to get worse.
With central banks and governments promising overwhelming amounts of aid for markets and economies, some investors are looking beyond the economic devastation currently sweeping the world.
The Indianapolis-based media company, which has been a publicly traded business since 1994, said that it was pursuing the delisting to save money.
U.S. stocks sank to their worst loss in weeks as worries swept markets worldwide about the economic carnage caused by the coronavirus pandemic.
Equities extended gains after a report that President Donald Trump will make some “important announcements” in the next few days regarding state guidelines on reopening the economy.
The stock market closed out its best week in 45 years on Thursday after the Federal Reserve launched its latest titanic effort to support the economy through the coronavirus outbreak.
The Dow Jones industrial average closed the day with a 26-point loss after losing an earlier gain of 937 points.
A worldwide rally gained steam on Wall Street on Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.
U.S. stocks climbed more than 5% in morning trading, following up on gains that were nearly as big in Europe and Asia.
Oil surged more than 30% immediately after President Donald Trump said he expects Saudi Arabia and Russia to back away from their price war.
