The Dow Jones Industrial Average rushed nearly 500 points higher midday, despite paring gains earlier as coronavirus cases continue to surge in the U.S.
The Dow Jones industrials rallied 1.9%, the S&P 500 rose 1.2% and the Nasdaq reversed to a 0.9% gain in the stock market today. Small caps tracked by the Russell 2000 soared 3.2%. Volume was lower on both major exchanges vs. the same time Friday.
A recent resurgence in tech stocks had lifted the tech-heavy Nasdaq to a 9% year-to-date gain through Friday’s close, while the S&P 500 was down 7% and the Dow off 12%. Small caps continue to lag with the Russell 2000 down 17%.
While the stock market has been in a confirmed uptrend since the April 2 follow-through day for the S&P 500, it’s had hiccups as fears of a second Covid-19 wave increase. (Read The Big Picture for a detailed analysis on daily market action.)
Worldwide coronavirus cases are approaching 10.3 million, with over 505,000 deaths, according to Worldometer. In the U.S., confirmed cases are now past 2.6 million, with the death toll surpassing 128,000.
U.S. Stock Market Today Overview Index Symbol Price Gain/Loss % Change DOW Jones (0DJIA) 25448.81 +433.26 +1.73 S&P500 (0S&P5L) 3041.04 +31.99 +1.06 Nasdaq (0NDQC) 9826.79 +69.57 +0.71 Russell 2000 (IWM) 140.93 +4.26 +3.12 IBD 50 (FFTY) 33.61 -0.09 -0.27 Last Update: 12:08 PM ET 6/29/2020
As the U.S. economy reopens, several states are experiencing record levels of new Covid-19 cases and hospitalizations as case counts rise. Texas, one of the hardest hit states with new case spikes, on Thursday said it will halt its reopening.
Texas and Florida have since reclosed bars. California on Sunday ordered seven counties, including Los Angeles, to close bars to help curb coronavirus spread.
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