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Dow Notches Third-Straight Win as Bets on Faster Economic Recovery Continue

Stock MarketsJun 03, 2020 04:03PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow climbed for the third-straight session as hopes of a faster economic recovery were given a boost on Wednesday amid signs the Covid-19 pandemic's grip on the economy has passed.

The Dow Jones Industrial Average rose 2.05%, or 527 points, the S&P 500 gained 1.36%, while the Nasdaq Composite added 0.78%.

With just days to go until Friday's crucial nonfarm payrolls report, ADP (NASDAQ:ADP) said that private payrolls fell by 2.76 million jobs in May, confounding economists' expectations for a drop of 9 million.

That marked a significant improvement from the 19.5 million job cuts seen in April, raising hopes the labor market losses have bottomed.

The services sector, which accounts for about two-thirds of overall economic growth, is also showing signs of life, with activity rising from the lowest level in 11 years in April.

Institute for Supply Management data for May showed a reading of 45.4, above forecasts for a reading of 44.

The duo of upbeat economic reports stoked investor hopes of a quicker economic rebound, underpinning cyclical sectors like financials and industrials.  

Financials jumped 4.4%, with banks leading the charge. JPMorgan (NYSE:NYSE:JPM) was up 5.4%, Bank of America (NYSE:NYSE:BAC) up 4.5% and Citigroup (NYSE:NYSE:C) up 4.9%.

In industrials, Boeing (NYSE:BA) rallied 13% after reaching a compensation package and a new delivery deal with travel company TUI Group over the grounding of its 737 Max planes.

On the earnings front, Zoom Video Communications (NASDAQ:ZM) jumped 6% after reporting first-quarter results that markedly beat expectations on the bottom and top lines as the pandemic spurred demand for its videoconferencing software.

Canada Goose (NYSE:GOOS) rose 18% after reporting a better-than-expected fiscal fourth-quarter profit. The outerwear retailer also said it would increase focus on direct-to-consumer sales in the early stages of the reopening phase.

Elsewhere, Warner Music (NASDAQ:WMG) made a bright start to life as a publicly-traded company, rallying 21%. The music label company had priced its offering of 77 million shares at $25 per share.

Dow Notches Third-Straight Win as Bets on Faster Economic Recovery Continue
 

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Comments (23)
Dee Mehta
DMFINANCE Jun 03, 2020 9:08PM ET
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What farce face of a theif selling at premimum to retail
Airon Nguyen
Airon Nguyen Jun 03, 2020 9:08PM ET
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fed try help person and hurt 150M Americans.
Haresh Chandwani
Haresh Chandwani Jun 03, 2020 9:04PM ET
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Recovery? trump estimated 100,000 deaths.. Its already 109,000+ and counting.. Vaccine is a year away at least.. Those claiming earlier are lying.. just cannot happen according to renowned scientists. The fed will keep pumping until it realizes its foolish deed in another 2-3 months. Then it will stop pumping.. But it would have been too late.. No money left for real reforms.. Then it will start extorting taxpayers.. Taxpayers will protest strongly.. Unrest goes on.. Thanks to the fed's "intelligent" moves!
Alberto Vazquez
Alberto Vazquez Jun 03, 2020 8:14PM ET
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I'm assuming... DOW 50,000 by Christmas?
Alejandro Rosario
Alejandro Rosario Jun 03, 2020 8:14PM ET
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Nah! More like 31,000
WeeChong Lee
WeeChong Lee Jun 03, 2020 8:14PM ET
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More like 80,000 before November with all the optimism. Not sure after election.
Haresh Chandwani
Haresh Chandwani Jun 03, 2020 8:14PM ET
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I actually calculated with a cumulative calulator.. @2%+/day, it turns out to be around 140,000 by end of year!!Long live Powell the printer!
Robert DZ the patterns
Robert DZ the patterns Jun 03, 2020 7:34PM ET
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V shape recovery achieved by the fed; bravo bravo bravo. Mrs printer Powell no need for the pumping anymore.
Robert DZ the patterns
Robert DZ the patterns Jun 03, 2020 7:02PM ET
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Haven't the fed overdone the pumping? Don't they see it's crazy.
Etienne Schoen
Etienne Schoen Jun 03, 2020 7:02PM ET
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Of course did it exaggerate it! However, the question raises whether FED will let the improvement go again. Meanwhile, I start doubting this. Maybe it will let it go down to 2'800, but further below - I doubt. Even the real economy doesn't give more then 1'400 to 2'000 in S&P, it costed so much funds to pay it up to 3'100, so they will either not let it go down at all or just max. 10%. Unreal and unfair game, but to be honest, pretty realistic.
WeeChong Lee
WeeChong Lee Jun 03, 2020 7:02PM ET
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It'll crash spectacularly but what's another 20 million out of job? It's already so bad that worse doesn't matter.
Haresh Chandwani
Haresh Chandwani Jun 03, 2020 7:02PM ET
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Fed will realize only after it finds out all it bought was junk!!
John Mars
John Mars Jun 03, 2020 6:44PM ET
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They will majorily over estimate the negativity of Q2 GDP in July and when it come in above the estimate they will say everything is improving.
Dee Mehta
DMFINANCE Jun 03, 2020 6:44PM ET
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That number will be rigged by fed no matter ehat
Tricky Dick
TrickyDick Jun 03, 2020 6:42PM ET
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wow, the pandemic is over? will there be some type of announcement for everyone that is not aware? or is it just wall street that was informed?
Haresh Chandwani
Haresh Chandwani Jun 03, 2020 6:42PM ET
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Don't write it off yet.. wait for the intensity of the second wave to be sure..
Airon Nguyen
Airon Nguyen Jun 03, 2020 6:21PM ET
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market is fake like CNN.
Robert DZ the patterns
Robert DZ the patterns Jun 03, 2020 6:13PM ET
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Once good news should start then fed won't pump anymore, only then markets will undergo a correction or more in order to consolidate. But these riots are kind of worrisome.
Robert DZ the patterns
Robert DZ the patterns Jun 03, 2020 6:10PM ET
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Will this fed propped up thing go down now for 17% correction????
Haresh Chandwani
Haresh Chandwani Jun 03, 2020 6:10PM ET
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Make that 17*4! For a reasonable correction..
Jonathan Sutton
Jonathan Sutton Jun 03, 2020 6:05PM ET
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Stock market is doing great! While the econony is worst since the great depression! Ill just burn my money to cook my rat meat in the future.
Benjamin Tallman
Benjamin Tallman Jun 03, 2020 6:03PM ET
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You have to start matching the picture with the headline. Try the guy with praying hands, or the guy blowing a bubble gum bubble. This guys is having an anxiety attack.
Patrick Joly
Patrick Joly Jun 03, 2020 6:03PM ET
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lol
Airon Nguyen
Airon Nguyen Jun 03, 2020 5:58PM ET
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the dump fed give away money to Wallstreet will not help economy. take years to recover and everyone will pay more taxes.
Haresh Chandwani
Haresh Chandwani Jun 03, 2020 5:58PM ET
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Right! there will another much larger wave of protests on roads.. against unreasonable taxes that are bound to come
Tim Gilbert
TimothyTekno2020 Jun 03, 2020 5:43PM ET
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I'm excited about Warner Music Group's new shares, although I'm not going to buy at these prices. These things always come with a lot of excitement, and their timing is during an overbought market rally (RSI 68 today, same as Jan. 21 before the drop).  Same with Spotify (SPOT); I add shares each time it's near a 6-month or 52-week low.  Of course, Spotify didn't fall as much as most stocks in March, given it's the right business model whether you have time on your hands or commute to work or like background music while you work. Music is the world's most popular, widely used form of entertainment, and news and podcasts increase growth potential. So, just identify the market leaders, and invest when price is attractive on the charts.
rob finch
rob finch Jun 03, 2020 5:41PM ET
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4 more years!
Roman Cerny
Roman Cerny Jun 03, 2020 5:41PM ET
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Indeed, America will never be great again.
Kejah Midar
Kejah Midar Jun 03, 2020 5:41PM ET
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exactly US will be great again, 4 years!
rob finch
rob finch Jun 03, 2020 5:34PM ET
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it never mentions any covid stats.
Roman Cerny
Roman Cerny Jun 03, 2020 5:34PM ET
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It misses many things, like China cold war rhetorics, US considering banning Chinese companies to operate flights to the US, protests etc...Yasim Ebrahim is a poor copy-writer.
Robert DZ the patterns
Robert DZ the patterns Jun 03, 2020 5:20PM ET
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It's all Fed's pump
Andrew carson
Andrew carson Jun 03, 2020 5:02PM ET
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Boat missers angry again. lol
Edward Chong
Edward Chong Jun 03, 2020 5:02PM ET
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haha dont be public enemy. juz keep to yourself.
Boyoung Schang
Boyoung Schang Jun 03, 2020 4:41PM ET
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Come on man! It’s V shape recovery!
Pietro Rosato
Pietro Rosato Jun 03, 2020 4:16PM ET
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Went up on Vaccine Hope's, never happenedwent up on China deal, never happenedNow on recovery which won't happen like they sayEach time the jaw boning made the market go up, but never did it go down when it didn't happen. The Federal Reserve is buying up everything of used to be a Capitalistic economy.
Mojo Snake
Mojo Snake Jun 03, 2020 4:16PM ET
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I couldn't have said it better. This Market is in for a real wake-up call when Q2 results come in.
Robert DZ the patterns
Robert DZ the patterns Jun 03, 2020 4:16PM ET
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No awakening, only Fed's pump
Gregory Campbell
Gregory Campbell Jun 03, 2020 4:16PM ET
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Mojo Snake nothing will happen
Rick Darby
Rick Darby Jun 03, 2020 4:13PM ET
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Stocks up again on Central Bank policies.
Mart Bab
Rubberduck1973 Jun 03, 2020 4:12PM ET
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The economy is as strung as November 2019 🙈
Mart Bab
Rubberduck1973 Jun 03, 2020 4:12PM ET
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I ain’t buying nothing till market corrects. Good luck to those who buy
Mart Bab
Rubberduck1973 Jun 03, 2020 4:12PM ET
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And for gambling I visit the casino. Not the stock market
In Sight
Insight Jun 03, 2020 4:12PM ET
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Don't bet against the Federal Reserve.
Mart Bab
Rubberduck1973 Jun 03, 2020 4:12PM ET
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In Sight  not betting at all. I will sit on my hands till market corrects. This is totally nots. I may mis the train. But there always will be news chances
 
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