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Stocks stage biggest turnaround in 3 months to end higher
Marketwatch.com ^ | June 15, 2020 | Andrea Riquier

Posted on 06/15/2020 1:32:21 PM PDT by abb

U.S. stock benchmarks shook off sharp opening losses Monday to stage the sharpest reversal since late March, with stocks closing higher after the Federal Reserve said it would expand an existing stimulus program to allow it to buy individual corporate bonds. The Dow Jones Industrial Average DJIA, +0.61% added 158 points, 0.6%, to close near 25,763, after being down by as many as 762 points, or nearly 3%; while the S&P 500 SPX, +0.83% rose 25 points or 0.8%, to close near 3,067. The Nasdaq Composite COMP, +1.43% jumped 137 points, 1.4%, ending trading near 9,726. The turnaround for the S&P 500 and the Dow represented their biggest intraday comeback since March 19, according to Dow Jones Market Data, while it was the biggest turnaround for the Nasdaq since May 27.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; News/Current Events
KEYWORDS: dowjones; markets
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What happened?
1 posted on 06/15/2020 1:32:21 PM PDT by abb
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To: abb

I’m close to retirement. I’m trying to remain calm. :)


2 posted on 06/15/2020 1:34:12 PM PDT by brownsfan (Behold, the power of government cheese.)
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To: abb

Larry Kudlow indicated that the Administration was disinclined to institute further Covid-19 lockdowns.


3 posted on 06/15/2020 1:34:28 PM PDT by fhayek
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To: abb

RE: DJIA, +0.61% added 158 points,

YAWN! Wake me up when the DJIA recovers its nearly 1,800 point drop last Thursday.


4 posted on 06/15/2020 1:35:37 PM PDT by SeekAndFind (look at Michigan, it wil)
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To: fhayek

RE: Larry Kudlow indicated that the Administration was disinclined to institute further Covid-19 lockdowns.

Yeah, but New York’s governor STILL threatens to continue the lockdown.


5 posted on 06/15/2020 1:36:29 PM PDT by SeekAndFind (look at Michigan, it wil)
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To: brownsfan
I’m close to retirement. I’m trying to remain calm. :)

You and me both. My entire retirement consists of a 403B and Social Security.

I'd like to have at least one of those available when I retire next year at 62...

6 posted on 06/15/2020 1:38:15 PM PDT by Yo-Yo ( is the /sarc tag really necessary?)
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To: abb

The FED announced that they will begin buying individual corporate bonds.


7 posted on 06/15/2020 1:39:33 PM PDT by Attention Surplus Disorder (Apoplectic is where we want them)
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To: abb

I’m very interested in knowing who the buyers were. It sounds like China.


8 posted on 06/15/2020 1:43:36 PM PDT by GOP Congress
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To: abb
What happened?

Maybe Joe Biden (bless his heart) had a stroke.

9 posted on 06/15/2020 1:43:40 PM PDT by Fido969 (In!)
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To: SeekAndFind

It’s already 1/3 of the way back.


10 posted on 06/15/2020 1:45:13 PM PDT by billyboy15
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To: Yo-Yo

Social Security will always be with us, the gloom and doomers notwithstanding.


11 posted on 06/15/2020 1:47:43 PM PDT by billyboy15
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To: brownsfan
I’m close to retirement. I’m trying to remain calm. :)

So am I. But I've been hearing "doom and gloom" since 1979. Someday the doomers are bound to be right but I've had a decent ride over the past 40 years. Just need 5 more!

12 posted on 06/15/2020 1:50:28 PM PDT by SamAdams76
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To: Fido969

At this point, a stroke could only HELP, Plugs!!


13 posted on 06/15/2020 1:50:35 PM PDT by MagUSNRET
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To: fhayek
Larry Kudlow indicated that the Administration was disinclined to institute further Covid-19 lockdowns.

So he finally won the closed-door debate against Fauci the Weasel. Good.


14 posted on 06/15/2020 1:56:36 PM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer)
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To: Yo-Yo
I'd like to have at least one of those available when I retire next year at 62...

Oh, to be young again.

15 posted on 06/15/2020 2:10:07 PM PDT by Pearls Before Swine
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To: abb

Nobody else finds the federal reserve buying individual company stocks and bonds a bit troublesome? State owned businesses? What has history possibly shown us on this matter?


16 posted on 06/15/2020 2:16:09 PM PDT by blackdog (Making wine cave appearances upon request.)
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To: brownsfan

Same here, I’m fairly diversified. So far I’m only down 3% since last December..


17 posted on 06/15/2020 2:19:34 PM PDT by Huskrrrr
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To: blackdog

Agree!


18 posted on 06/15/2020 2:20:28 PM PDT by gattaca ("Government's first duty is to protect the people, not run their lives." Ronald Reagan)
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To: blackdog
I am not pleased with that. I mean a market is supposed to have risk. Risk is a good thing. The Fed was buying Hertz Rental Car bonds. Hertz. Just-declared-bankruptcy-Hertz. I don't have a great feeling about these kind of actions.
19 posted on 06/15/2020 2:27:50 PM PDT by fhayek
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To: blackdog

Of course it is. Nobody in charge wants to take away the JPowell printer.


20 posted on 06/15/2020 2:28:17 PM PDT by Theoria (I should never have surrendered. I should have fought until I was the last man alive)
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