Dow soars 500 points on signs economy likely near bottom

U.S. stocks finished higher Wednesday, adding to several sessions of gains as economic data pointed to less severe damage from the COVID-19 pandemic than feared, leaving major equity benchmarks at their loftiest levels since early March.

How did benchmarks perform?

The Dow Jones Industrial Average DJIA, +2.04% advanced 527.24 points, or 2.1%, to close at 26,269.89, while the S&P 500 SPX, +1.36% rose 42.05 points, or 1.4%, to end at 3,112.87, the highest finish for both benchmarks since March 4, according to Dow Jones Market Data. The Nasdaq Composite Index COMP, +0.77% rose 74.54 points, or 0.8%, ending at 9,682.91, or 1.4% away from its all-time closing high of 9,817.18 in February.

On Tuesday, the Dow rose 267.63 points, or 1.1%, to end at 25,742.65, marking its highest close since March 6, according to Dow Jones Market Data. Meanwhile, the S&P 500 index rose 25.09 points, or 0.8%, closing at 3,080.82, its loftiest finish since March 4, and the Nasdaq advanced 56.33 points, or 0.6%, to finish at 9,608.37, representing its best closing level since Feb. 20.

Read: The Nasdaq trades within 2% of a record high as the unbearable lightness of the stock market continues

What drove the market?

Markets have climbed a virtual wall of worry to head higher over the past several sessions, shrugging off social strife and demonstrations in major cities, testiness between the U.S. and China and the economic carnage wrought by a viral pandemic.

See: Amid disease, riots and rising U.S.-China tensions, the stock market keeps it cool

Stocks rose Wednesday after data from Automatic Data Processing showed private-sector employers shed 2.76 million jobs in May,

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The Nasdaq trades within 2% of a record high as the unbearable lightness of the stock market continues

After a brutal March wrecked an 11-year bull market, there seems be little doubt on Wednesday that equity markets in the U.S. are returning to bullish form after being rocked by COVID-19.

That at least applies to recent gains for the technology-laden Nasdaq Composite Index, which is on the brink of topping its Feb. 19 all-time closing high.

As of Wednesday afternoon, the Nasdaq COMP, +0.77% was about 1.4% from its February all-time high at 9,817.18. On top of that, a bullish ‘golden cross’ has formed in the index, where the 50-day moving average rises above the longer-term 200-day line, with this relatively rare event marking the point where a shorter-term rebound morphs into a longer-term uptrend, according to chart watchers.

The Nasdaq had marked the fastest entry to a bear market, defined as a decline of at least 20% from a recent peak, on record, spanning 16 trading sessions, according to Dow Jones Market Data. Now, the Nasdaq in its 73rd day from its previous high, is on pace for its second-fastest recovery after entering a bear market since March 2009.

The average recovery for the Nasdaq Composite takes 1,018 trading sessions.

Check out: MarketWatch’s snapshot of the market

Meanwhile, the Nasdaq-100 index NDX, +0.49% QQQ, +0.45%, which tracks the biggest companies within the Nasdaq, is 0.2% off its record closing peak at 9,718.73.

From lows hit for much of the major indexes on March 23, the Nasdaq is up 41%, while the Nasdaq-100 has gained more than 38%.

See:Amid disease, riots and rising U.S.-China tensions, the stock market keeps it cool

To be sure, gains in technology have been concentrated in a handful

Read More Here...

The Nasdaq trades within 2% of a record high as the unbearable lightness of the stock market continues

After a brutal March wrecked an 11-year bull market, there seems be little doubt on Wednesday that equity markets in the U.S. are returning to bullish form after being rocked by COVID-19.

That at least applies to recent gains for the technology-laden Nasdaq Composite Index, which is on the brink of topping its Feb. 19 all-time closing high.

As of Wednesday afternoon, the Nasdaq COMP, +0.77% was about 1.4% from its February all-time high at 9,817.18. On top of that, a bullish ‘golden cross’ has formed in the index, where the 50-day moving average rises above the longer-term 200-day line, with this relatively rare event marking the point where a shorter-term rebound morphs into a longer-term uptrend, according to chart watchers.

The Nasdaq had marked the fastest entry to a bear market, defined as a decline of at least 20% from a recent peak, on record, spanning 16 trading sessions, according to Dow Jones Market Data. Now, the Nasdaq in its 73rd day from its previous high, is on pace for its second-fastest recovery after entering a bear market since March 2009.

The average recovery for the Nasdaq Composite takes 1,018 trading sessions.

Check out: MarketWatch’s snapshot of the market

Meanwhile, the Nasdaq-100 index NDX, +0.49% QQQ, +0.45%, which tracks the biggest companies within the Nasdaq, is 0.2% off its record closing peak at 9,718.73.

From lows hit for much of the major indexes on March 23, the Nasdaq is up 41%, while the Nasdaq-100 has gained more than 38%.

See:Amid disease, riots and rising U.S.-China tensions, the stock market keeps it cool

To be sure, gains in technology have been concentrated in a handful

Read More Here...

Dow Jones Rallies 500 Points Despite Jobs Data, Coronavirus, Ongoing Protests – Investor's Business Daily

The Dow Jones Industrial Average hit new session highs late Wednesday, as the stock market continues to look past the coronavirus pandemic and civil unrest.

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At around noon in New York, the Dow Jones industrials rallied 1.9%, the S&P 500 rose 1.2% and the Nasdaq advanced 0.6% in the stock market today. Small caps tracked by the Russell 2000 outperformed, up 2.8%. Volume swelled on both major exchanges vs. the same time Tuesday.

ADP data showed a 2.76 million drop in private payrolls in May, as the Covid-19 pandemic continues to take a toll. On the brighter side, that was well below forecasts by Econoday for an 8.66 million plunge.

The recent resurgence in tech stocks has lifted the tech-heavy Nasdaq to a 7% year-to-date gain through Tuesday’s close. The S&P 500 is down 3.6% year to date and the Dow is off 8.3%. Despite a rebound, the Russell 2000 remains 15% 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 now just 1% below its Feb. 19 high. (Read The Big Picture for a detailed analysis on daily market action.)

Covid-19 And Civil Unrest Update

Worldwide coronavirus cases are approaching 6.5 million, with more than 383,000 deaths, according to Worldometer data tracker. In the U.S., confirmed cases are close to 1.9 million, with the death toll topping 108,000. Though the counts continue to rise, daily 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 Donald Trump has

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Boeing, American Express share gains contribute to Dow's 487-point rally

Led by strong returns for shares of Boeing and American Express, the Dow Jones Industrial Average is rallying Wednesday afternoon. Shares of Boeing BA, +12.94% and American Express AXP, +6.38% are contributing to the blue-chip gauge’s intraday rally, as the Dow DJIA, +2.04% was most recently trading 487 points (1.9%) higher. Boeing’s shares have gained $18.53, or 12.1%, while those of American Express have risen $5.70, or 5.8%, combining for a roughly 166-point boost for the Dow. Other components contributing significantly to the gain include JPMorgan Chase JPM, +5.39%, Raytheon Technologies Corp. RTX, +6.42%, and Exxon Mobil XOM, +4.07%. A $1 move in any one of the 30 components of the Dow results in a 6.86-point swing.

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Dow up nearly 400 points as jobs and services data show signs economy likely near bottom

U.S. stocks finished higher Wednesday, adding to several sessions of gains as economic data pointed to less severe damage from the COVID-19 pandemic than feared, leaving major equity benchmarks at their loftiest levels since early March.

How did benchmarks perform?

The Dow Jones Industrial Average DJIA, +2.04% advanced 527.24 points, or 2.1%, to close at 26,269.89, while the S&P 500 SPX, +1.36% rose 42.05 points, or 1.4%, to end at 3,112.87, the highest finish for both benchmarks since March 4, according to Dow Jones Market Data. The Nasdaq Composite Index COMP, +0.77% rose 74.54 points, or 0.8%, ending at 9,682.91, or 1.4% away from its all-time closing high of 9,817.18 in February.

On Tuesday, the Dow rose 267.63 points, or 1.1%, to end at 25,742.65, marking its highest close since March 6, according to Dow Jones Market Data. Meanwhile, the S&P 500 index rose 25.09 points, or 0.8%, closing at 3,080.82, its loftiest finish since March 4, and the Nasdaq advanced 56.33 points, or 0.6%, to finish at 9,608.37, representing its best closing level since Feb. 20.

Read: The Nasdaq trades within 2% of a record high as the unbearable lightness of the stock market continues

What drove the market?

Markets have climbed a virtual wall of worry to head higher over the past several sessions, shrugging off social strife and demonstrations in major cities, testiness between the U.S. and China and the economic carnage wrought by a viral pandemic.

See: Amid disease, riots and rising U.S.-China tensions, the stock market keeps it cool

Stocks rose Wednesday after data from Automatic Data Processing showed private-sector employers shed 2.76 million jobs in May,

Read More Here...

Allena Pharmaceuticals Announces $15.0 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules

Allena Pharmaceuticals Announces $15.0 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules – NASDAQ News Today – EIN News

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