Skip to comments.S&P 500 erases its loss for the year as stocks rally on reopening optimism
Posted on 06/08/2020 4:09:35 PM PDT by LibWhacker
The stock market rallied once again on Monday, pushing the S&P 500 into the green for the year as the benchmark completed its wild round trip amid the coronavirus pandemic. Investors are growing more and more optimistic about a speedy economic recovery as states continue to reopen.
Stocks finished the day at their session highs with the S&P 500 jumping 1.2%, or 38.46 points, to 3,232.39. The equity benchmark turned positive for the year in the final moments of Monday and has now bounced more than 47% off its March low. At one point this year, the S&P 500 was down more than 30%. Its now positive for 2020 by 0.05%.
The Dow Jones Industrial Average traded 461.46 points higher, or 1.7%, to 27,572.44, trimming its 2020 losses to 3.3%. The Nasdaq Composite was up 1.1% to 9,924.74, hitting a fresh record high and bringing its year-to-date gains to 10.6%.
What is clearly happening is the excitement of reopening is allowing a lot of these companies that have been casualties of Covid to come back and come back in force, said Stanley Druckenmiller, chairman and CEO of the Duquesne Family Office, on CNBCs Squawk Box. "
(Excerpt) Read more at cnbc.com ...
dont put all your eggs in this scheme
A Democrat victory would put a quick and decisive end to all this upward movement.
And the converse.
What is that, oust Trump attempt gambit 11?
What will be next?
or make a killing in apples/pencils
Never dreamed it would be back up to where it was....and I’m sure the Dems are saddened.
Locust plague from Africa?
As if the farmers don’t have enough challenges.
This is, to me, fairly amazing...
I’m amazed. I’ve only checked my accounts once during this whole thing, and that was after some recovery from March 23.
I was only down single digits.
Maybe time to peek again.
Just three months ago, they were all out there chortling that us diehard stock market investors were getting our "comeuppance" and bragging on how they were smart enough to dump all their stocks on the VERY DAY before the so-called "Chinese virus" caused those stocks to come tumbling down and convert it all to GOLD!
I don't know about the gold. If ever the economy did truly collapse and everybody with stocks and money in the bank were truly bankrupt and walking around naked with sandwich boards for clothing, how would the gold misers pay for their eggs, pistachios and cheese? Would they go down to the local supermarket, slam a gold bar on the counter and demand their eggs, pistachios and cheese?
How would the baffled cashier make change for a bar of gold when you are just there for eggs, pistachios and cheese?
These markets are some pretty amazing things.
The resilience baffles me at times.
Meanwhile Barrons had this headline today: “The Stock Market May No Longer Care If Trump Wins the Election”. That’s one way to look at it, I suppose.
Somehow, I don’t think Biden’s promise to repeal the Trump tax cut, increase taxes, etc. etc. will do the stock market any favors if, God forbid, he’s elected.
Four words: Labor Day cookout supplies. :^)
With all the continuing economic issues, supply chains, closed and limited businesses, unemployment, looting and burning, the market seems a little optimistic. Maybe it’s because the massive small business economy is severely damaged, leaving major opportunity for the larger, leaner publicly traded companies? Are we about to see a large shift of money out of the small business economy, and in to the markets?
S&P500 is ahead compared to Jan 1, but it is still down from the peak of 3,393.52 for the year.
I happened to look at my portfolio at the 2020 peak in February and I am still down .5% from the peak.
I believe you collect real silver coins quarters, dimes, etc
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.