The stock market powered ahead Wednesday amid more concrete steps to bring America out of the great shut in.
The Dow settled above the 25,000 mark for the first time since early March.
It was the S&P 500's first close above the key 3,000 level since March 5th.
And the Nasdaq turned it around late in the day to also finish higher.
Plans for recreational re-openings are fueling optimism about an economic comeback... But the real catalyst for the market's recent rebound are the pledges by global central banks to do whatever it takes to prop up their economies, says Spartan Capital Securities chief market economist Peter Cardillo.
"The European Union proposed a $821 billion stimulus package which would be a unifying bond by the way and of course the Japanese are preparing to stimulate with massive amounts of money, and of course here in the States, and that's the reason why we have a stock market that's defying the fundamentals at this time." Investors, however believe the prospects for the economy are improving.... The Las Vegas strip has been given the green light by Nevada's governor to reopen next week... And Walt Disney announced plans to re-open Florida's Disney World in July... With states relaxing shelter-in-place orders, investors bet there is pent up consumer demand for shopping.
Shares of retailers closed during the shutdown rallied the most.
Spartan Capital Securities chief market economist Peter Cardillo tells Reuters Fred Katayama investors are overly optimistic on the impact of vaccines as AstraZeneca's trial data comes under question. He also provides his view on retailers' prospects for the holiday shopping season.
Tesla may be the new kid on the block in the auto industry, but it's quickly become a big kid on Wall Street. The electric-car maker's shares continued to climb more than 4% on Tuesday. This increases the company's total market value above $500 billion for the first time. The milestone comes on the heels of a banner year for Tesla's stock, says CNN. Tesla recently upgraded facility now has the capacity to build 500,000 Model Y and Model 3 sedans a year.
Target blew past Wall Street expectations for quarterly profit and sales on Wednesday as more Americans used the big-box retailer's quick delivery services to buy everything from electronics to home goods during the COVID-19 pandemic. Fred Katayama reports.
Sir Keir Starmer says the Labour Party has presented “a strong united front” over the last few months despite “different opinions” on a Brexit deal. Negotiations between the European Union and the United Kingdom on a post-Brexit trade agreement are currently taking place in Westminster. The Labour leader’s comments come amid reports of a shadow cabinet split on support for the deal. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Lukas Jackson/Reuters US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal. The Nasdaq composite closed at all-time highs, while the S&P 500 lost its record close in the final hour of trading. New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the week that ended Saturday. Economists surveyed by Bloomberg expected a reading of 775,000.
The S&P 500 climbed to a record high close on Wednesday, and the Nasdaq Composite Index dipped as investors weighed upbeat vaccine developments and a potential coronavirus fiscal package against a bleak private jobs report. Conway G. Gittens reports.
The S&P 500 is up 13 percent year-to-date, recovering from a steep nose-dive earlier this year, which could present many investors near retirement age with the best chance to lock-in their gains for the year, Rhian Horgan of retirement planning app Silvur told Reuters Business Correspondent Conway G. Gittens.
The S&P 500 and Nasdaq Composite indexes closed at record highs on Tuesday, as investors applauded renewed stimulus talks in Washington and bet a COVID-19 vaccine will be available soon. Conway G. Gittens has all the Wall Street action.
It was a banner month for global stocks, powered in part by the biggest November gain for the S&P 500 in history and the strongest monthly performance for the Dow since 1987. Conway G. Gittens has the details.
Business Insider reports that Airbnb is planning to raise $2.6 billion in its mid-December IPO. The IPO would give Airbnb a valuation of up to $35 billion. The company plans to list about 50 million shares at between $44 and $50 per share, a regulatory filing showed. Airbnb will list on the NASDAQ under the symbol "ABNB." It was previously eyeing a $30 billion valuation, with $3 billion in proceeds.
On Monday, US stocks rose. AstraZeneca said its COVID-19 vaccine candidate demonstrated an average efficacy rate of 70%. This is the third COVID-19 vaccine said to have surpassed the Food and Drug Administration's requirement of 50% effectiveness. S&P 500: 3,580.82, up 0.7% Dow Jones industrial average: 29,473.41, up 0.7% (210 points) Nasdaq composite: 11,929.04, up 0.6%
The Nasdaq closed higher on Wednesday as investors switched back to technology stocks and away from economically sensitive sectors as they weighed COVID-19 vaccine progress against a virus surge and likely timing for a economic rebound. Fred Katayama reports.
The Nasdaq closed lower on Tuesday as investors sold off technology stocks that benefited from virus lockdowns and favored the sectors that suffered most during the pandemic on optimism that a COVID-19 vaccine would turn around the economy. Fred Katayama reports.
U.S. stocks jumped on Thursday, as investors bet Republicans would retain control of the Senate and block any major policy changes under a possible Joe Biden White House that could dampen corporate profits. Fred Katayama reports.
[NFA] President-elect Joe Biden said on Monday “more people may die” if outgoing President Donald Trump continues blocking a U.S. transition of power as the coronavirus pandemic worsens, and he urged Congress to pass new relief legislation. Lisa Bernhard produced this report.
JPMorgan Chase & Co said on Thursday it would commit $30 billion to address racial inequality over the next 5 years, marking one of the largest corporate pledges related to race since the death of George Floyd. Freddie Joyner has more.
Macy's is preparing for a Thanksgiving Day parade unlike any other. Due to the coronavirus pandemic, there will be no children and no spectators lining New York City's traditional 2.5 mile (4 km) parade route passing Macy's Herald Square store.
Cyber Monday is on November 30 this year. Due to the pandemic, many retailers aren't just doing in-store deals for Black Friday. Macy's, which is struggling amid pandemic shutdowns, is expected to offer Cyber Monday deals on accessories, clothing, home goods, and more. Macy's is making it extra easy for shoppers to get their purchases quickly. The company is going out of it's way to attract customers, offering curbside and in-store pickup, as well as same-day and next-day delivery.
Macy's reported a more than 20% drop in quarterly comparable sales on Thursday and said it expects that decline to continue into the fall, signaling a tough holiday season for the coronavirus-battered department store chain. Fred Katayama reports.
Reuters A former Bank of America analyst charged over $20,000 to his corporate card at an "adult venue," a complaint from the securities industry self-regulator FINRA filed Friday alleges. The former employee still has not paid the firm back and said that his card was stolen, the complaint said. But a recording of the employee phoning his corporate card's call center shows otherwise, the complaint alleged. Visit Business Insider's homepage for more stories.