Skip to comments.Dow Rallies To 3-Month Highs Despite Civil Unrest; Zoom Soars After Hours
Posted on 06/03/2020 10:38:29 AM PDT by SeekAndFind
Stocks rallied into the close Tuesday, with the Dow Jones Industrial Average in the lead despite continued civil unrest and tough talk from President Donald Trump.
The Dow Jones industrials rallied nearly 1.1%, the S&P 500 rose 0.8%, and the Nasdaq gained 0.5% in today's stock action. Small caps tracked by the Russell 2000 advanced 0.8%. Early data showed higher volume on both major exchanges vs. Monday.
Though the Nasdaq lagged Tuesday, the recent resurgence in tech stocks has lifted the tech-heavy index to a 6% year-to-date gain through Monday's close. The S&P 500 is down 5% year to date and the Dow is off 11%. Despite a rebound, the Russell 2000 remains 16% off its high.
The stock market has been in a confirmed uptrend since the April 2 follow-through for the S&P 500. With Tuesday's gain, the Nasdaq is 2% below its Feb. 19 high. (Read The Big Picture for a detailed analysis on daily market action.)
Worldwide coronavirus cases have surpassed 6.4 million, with nearly 380,000 deaths, according to Worldometer data tracker. In the U.S., confirmed cases are approaching 1.87 million with the death toll topping 107,000. Though the counts continue to rise, daily newly diagnosed cases and deaths have held below their respective peaks from April 24 and April 23.
All 50 states have now started to reopen their economies. But concerns of a new spike in Covid-19 cases have increased as mass protests continue since the Memorial Day killing of George Floyd, an unarmed black man, by police officers in Minnesota.
Meantime, President Trump has threatened to invoke the Insurrection Act to send troops to states to quell the civil unrest.
(Excerpt) Read more at finance.yahoo.com ...
DJIA up 40% since bottoming out on March 23. That’s only NINE weeks ago.
Who had the courage to jump in then?
Almost a complete disconnect from reality. I get the markets are pricing to what they are expecting from the economy, but I don’t know how you can ignore the extended lockdowns and business closures and property destruction due to rioting.
I did. March 23.
Cruiselines, Airlines, Real Estate Holdings, Hotels, Restaurants.
Been a rollercoaster, but some up 60%.
Nothing ventured, nothing gained.
With that last bill, the Federal government will be printing out of thin air some $4 trillion. The market is pricing in the coming inflation.
The market, if it has any rationality at all, is forward looking, 6 months or more.
Economy should be robust by then, if not, we’re screwed anyway.
Congrats to both of you!
March 23!!?? You actually bought at the bottom! Amazing.
I’m retired so not a lot to play with. Getting out close to 30 and back in around 18-20 is fantastic.
I’m old-school and just hold on for the ride. I’ve bailed in previous panics and have always gotten back in too late.
“forward looking, 6 months or more”
That’s what markets always do. The “market” is nothing but the expectations people have for the future 3 to 12 months down the road.
a lot of cash still sitting on the sidelines, from stimulus to savings...
of course Wall Street is not the economy, but an indicator of future earnings and performance.
there’s also a lot of pent-up demand in the economy, particularly for services (resturants), demand that can only be satisfied by increased labor.
I never exited the market or pulled funds out, I held firm and sat on a pile of cash.
I wasn't looking to buy-in at the low, I was looking for market stability to get back in. That happened around 20,500. That's where I put a huge chunk of my cash reserves in and I'm very happy right now.
The rest of the cash that I'm still holding I'm looking to move out of the townhome I just finished remodeling and into a single-family, small ranch home near my now long term GF (going on 2 years.) Not sure if I'll pay cash for the new place or not yet. Depends on what the markets do and what the bond market does. Keeping an eye on that.
I didn’t until around May 1.
Get back in meaning put cash in.
Everybody knows this stupid artificial shut down was BS
this economy is going to be completely roaring in about another month and theres gonna be no looking back
and this is 100% only because of the policies of our great and wonderful president Donald J Trump
you can take that to the bank
Maybe they see the riots as the clear indication that the lockdown is over.
I only kept the amount invested that I can afford to loose. Rest is in safe investments two days before the first big drop. So far I have done good this year with no lost, up by 3% for the year.
I will keep my safe funds safe for my future retirement, and might up my weekly investment to a income /balance fund next year. I am not convince this is over yet.
Our portfolio is down 4% from the peak, probably break-even YTD. So I’m not unhappy.
Like you, I’m not convinced it is over. I’ve always been a Nervous Nellie with regard to investments, though.
Me!! Ka-ching! Of course I could lose it all tomorrow...
Cant wait for COVID-20, Ive made $150k off of the V. Next big thing is 5G in the Fall.
To the folks who THINK they are making great gains in the market, what the rioters/looters don't take from you in the future because they will not be stopped, inflation will get. You're not going to win. And, the economy is NOT going to come roaring back with all of the things this fella posted happening. Hide and watch, wait and see.
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