Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow Racks Up Gains, Shrugging Off Rise in Covid Cases

Stock MarketsJul 06, 2020 03:03PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – Wall Street surged on Monday as investors continued to back mega-cap tech stocks as better-than-expected economic data suggested the recovery remains on track despite an ongoing increase in Covid-19 cases nationwide.

The S&P 500 gained 1.77%, the Nasdaq Composite added 1.76% and the Dow Jones Industrial Average rose 1.30%.

Florida and Texas reported new single-day records for infections over the weekend, as coronavirus outbreaks across pockets of the U.S. showed little sign of abating.

Infections now total nearly three million nationwide, with 132,000 dead.

The surge in cases comes as data showed the U.S. services sector, which is responsible for the bulk of economic growth, rebounded strongly last month, renewing investor expectations for a sharp economic rebound.

The Institute for Supply Management’s (ISM) non-manufacturing purchasing managers’ index (PMI) jumped to 57.1 in June from 45.4 in May. 

"With broad-based reopening and a very low bar set by the readings of the past two months, we saw a very solid rebound this month to 57.1, the strongest reading since February 2020 (57.3)," Jefferies (NYSE:JEF) said.

Tech was among the biggest gainers, with FAANG stocks driving the move higher, led by Amazon (NASDAQ:AMZN) and Netflix.

Netflix (NASDAQ:NFLX) rose more than 3% even as Imperial Capital downgraded the streaming stock to inline from outperform on worries there is "modest" room for upside given the stocks surge in recent months.

Amazon.com (NASDAQ:AMZN) gained 3% and topped $3,000 for the first time ahead of the quarterly earnings season, which starts in earnest next week.

Energy led the gains for the broader market, underpinned by rising oil prices even as some warn that rising cases threatened the recovery seen in crude oil demand.

"We believe that oil-market participants are focusing on the current demand trends but are still ignoring the long-term implications of the corona pandemic," Commerzbank said. 

On the M&A front, Uber Technologies (NYSE:UBER) tabled a $2.65 billion shares-only offer to acquire Postmates, the fourth largest food delivery services company, to beef up its UberEATS business.  

Elsewhere, Tesla (NASDAQ:TSLA) surged to another all-time high, up 10%, just a week after its second-quarter deliveries topped estimates. 

Dow Racks Up Gains, Shrugging Off Rise in Covid Cases
 

Related Articles

Dollar slips, stocks edge up as Omicron fears ease
Dollar slips, stocks edge up as Omicron fears ease By Reuters - Dec 08, 2021 5

By Herbert Lash NEW YORK (Reuters) -The dollar eased and global stock markets traded slightly higher on Wednesday as investors became less concerned about the Omicron variant but...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (19)
Erkki Mäntylä
Erkki Mäntylä Jul 06, 2020 4:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
no jump is eternal
Kelly Mayer
Kelly Mayer Jul 06, 2020 3:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
More “Cases” are not more “Deaths”. 1. Death rates keep getting lower - CDC online report even shows a 0.05% DR for people up to 49yo. 2. HCQ is scientifically proven to work - c19study.com. 3. There’s also Remdesivir and 4. Dexamethsone working well. 5. Vaccines are at late stage trials, and can already be used as an emergency procedure. 6. Tens of thousands have already received it. 7. Russia and India will have a vaccine ready in August.  And 8. your blood type affects the likelihood of getting ill - O 45% less, A 35% more. Please fact check me.
eddie glass
eddie glass Jul 06, 2020 3:49PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
meanwhile, this weekend biden called himself his own wife... (no joke)
Thom Miller
Thom Miller Jul 06, 2020 3:49PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Meanwhile, this weekend Trump begged his wife not to divorce him before the election.
Dee Mehta
DMFINANCE Jul 06, 2020 3:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fraudsters popping bubble
eddie glass
eddie glass Jul 06, 2020 3:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
my taxi driver said he heard on the radio that the people who bought SPY at 220-230 say now is a good time to buy
Aaron Last Name
Aaron Last Name Jul 06, 2020 3:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
that flunky in the picture chewing bubble gum perfect example of this market popping
Sun Moon
Sun Moon Jul 06, 2020 3:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"Rise in COVID cases" ----> MEANINGLESS. DEATHS are way down. Medical system isn't OVERLOADED.  Nowhere near it. But the Mindless Parrot Media just parrots the same Mindless Mishmosh day in and say out.
eddie glass
eddie glass Jul 06, 2020 3:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
notice how they completely stopped mentioning how the goal was to prevent hospitals from being overwhelmed and they stopped reporting on death count. they demanded more testing because they wanted to just be able to report that there are more cases. completely ignoring that it is just people who are becoming immune and death count way down.
eddie glass
eddie glass Jul 06, 2020 3:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
death rate plummeting. COVID-1984 is 99% performance, 1% reality. so much misinformation.
eddie glass
eddie glass Jul 06, 2020 3:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yes the case count goes up, now down, that is how illness case counts work. you cannot undo a case once it has been diagnosed. common flu case count also went up today. heart attack went up. car accidents went up.
eddie glass
eddie glass Jul 06, 2020 3:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
*not
Ronald Warren
Ronald Warren Jul 06, 2020 3:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Market up / VIX up. Be aware!!
John Patrick
John Patrick Jul 06, 2020 2:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Can you shrug off this story: Recovery Not Until 2022 and Another Market Crash This Year: World's Most Accurate Economist
Sun Moon
Sun Moon Jul 06, 2020 2:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tell "The World's Most Accurate Economist" about the new peer-reviewed study from the Henry Ford Health System in, of all places - MICHIGAN - which showed that hydroxychloroquine and azithromycin reduce hospitalizations are highly effective against COVID-19.
Ronald Warren
Ronald Warren Jul 06, 2020 2:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Sun Moon Don't care about your cures. The market is priced too high!!
Bla Bla
Bla Bla Jul 06, 2020 2:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Article forgot to mention none of those gains were made during NYSE’s session... Americans are pushing the market down.
Peter BullMarket
Peter BullMarket Jul 06, 2020 2:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The stock market totaly ignores that we are in a middle of one of worst pandemics in history. Sooner or later it will have to face reality
Jeremy Williams
Jeremy Williams Jul 06, 2020 1:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Alot of people are about to lose alot of money.
Muhamed Jaffir
Muhamed Jaffir Jul 06, 2020 1:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The stock market apparently will put Covid on its member and skull hammer your grandma in a nursing home it cares so little.
Sun Moon
Sun Moon Jul 06, 2020 1:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No, you have it confused with Cuomo.
Raj Patel
Raj Patel Jul 06, 2020 1:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Haha the image attached to this article is ironic.
eddie glass
eddie glass Jul 06, 2020 1:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
and btw im pro-trump. so happy to see wallstreet has basically handed trump 2020. but this is crazy. AMZN has almost doubled in 1 quarter.
eddie glass
eddie glass Jul 06, 2020 1:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
nobo.dy cares about ri.sing cases. de.atth rate plu.mmeting, yes more cases happen. there are also more cases of the com.mon fl.u every day. locking people in their homes for months does not get rid of the vir.s. it is much less d.e.aadly than originally thought now that cuo.mo in NY not shoving elde.rly people into crowded nursing homes which ki.lll.ed tens of thousands.
eddie glass
eddie glass Jul 06, 2020 1:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
democrats tried destroying the market with COVID-1984, they tried destroying it with looting and rioting... and most stocks now higher than ever. rip democrats.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email