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.
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