Stocks jump, Nasdaq powers to record high as investors look past virus concerns

Yahoo Finance ^ | 07/06/2020 | Emily McCormick

[SeekAndFind]

Stocks rose sharply Monday morning, after new economic data showed a much stronger than expected rebound in US service sector activity in June. The upbeat data helped investors shake off fears over rising coronavirus cases, with infections continuing to march higher globally and domestically.

The three major indices also followed global equities higher, with stocks in Europe and Asia gaining after an editorial in China’s state-run media outlet the Securities Times suggested the country prioritize fostering a “healthy” bull market after the pandemic. The Shanghai Composite index closed nearly 6% higher for its biggest gain in five years.

Developments in the crisis continued to march from bad to worse over the long holiday weekend. New COVID-19 cases in some of the new hot spots in the South and West rose by records — including in current epicenters Florida and Texas on Saturday. The World Health Organization said a record 212,326 coronavirus diagnoses were confirmed globally in 24 hours as of Saturday, with the United States, Brazil and India showing the largest increases.

The Lone Star State reported 3,449 new cases of COVID-19 as of Sunday for a 1.8% rise over the prior day — bringing the total number of infections so far in the state to 195,239. Arizona’s one-day case increase of 3,536, or 3.7% over the prior day, was slightly below the state’s two-week average growth of 4.1%. Florida on Monday reported a one-day increase of 3.2%, coming in below the seven-day average of 5.1%.

Elsewhere, New York City entered Phase 3 of its reopening process on Monday, bringing with it the reopening of spa, tanning and nail salons, massage parlors, tattoo parlors and some youth sports. The city, however, pulled plans last week to reopen indoor dining as part of Phase 3.

[Buckeye McFrog]

Yes, Trump is tweeting about this.

Problem is most of his voters are NOT looking past the virus if like me they’re stuck in a state with a whacko DemGov imposing shutdowns and mask restrictions all over the place. Every Trump supporter I know is griping about THAT and is not worried about the stock market necessarily. Even the great jobs report got buried under a mask mandate last week.

[jmaroneps37]

Think for a minute about how much it must be killing the scum at Yahoo and other “news outlets” to say people are looking past the “Covid-19 pandemic.” Ha ha ha Schadenfreude baby schadenfreude!

[mikey_hates_everything]

“Virus concerns”? The markets know...

[reformedliberal]

...bought them post-SARS, pre-H1N1. Never touched them during H1N1.
______________________________________________

We did that, too. Have used 2 of them this time. Sterilize w/ozone and reuse for retail situations where it isn’t beneficial to argue.

[Kickass Conservative]

No concerns with Arsonists and Murdering Terrorists roaming at will in the Streets, just the Virus?

[FreedomPoster]

I gave a bunch away to some medical folks and family members, used some similarly. I’m doing a 150F sous vide cycle In the Insta-Pot for about an hour, with the masks on the rack above about an inch of water.

[Buckeye McFrog]

The expectation is five years from now, it will be as if this never happened.

That had better not happen. We have a big job ahead of us reining-in the power of dictatorial state governors and unelected health bureaucrats who rule as kings.

[Ancesthntr]

Just wait until the $600/week federal unemployment subsidy/bonus disappears on July 31. August employment numbers will skyrocket, as slackers now only getting 1/3 - 1/2 of their normal compensation go back to work. That report will be out in early September, and completely tank Slo Jo’s campaign (such as it is).