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Stocks - S&P 500 Tops 3,000 on Reopening Optimism

Stock MarketsMay 26, 2020 03:11PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com - Wall Street soared on Tuesday as ongoing efforts to reopen states nationwide and hopes for a Covid-19 vaccine boosted investor sentiment.

The Dow Jones Industrial Average rose 2.66%, or 651 points, the S&P 500 gained 1.83% to rise above 3,000 for the first time since Mar. 5, while the Nasdaq Composite added 0.77%.

The race for a potential vaccine continues to heat up, with Novavax (NASDAQ:NVAX) rallying about 5% after the drugmaker said it had begun human trials for its potential coronavirus vaccine.

Merck (NYSE:MRK) climbed 1.6% after it said it had teamed up with scientific research company IAVI to develop a potential vaccine.

Easing fears that reopening the economy could trigger a wave of infections also supported sentiment following data showing states that reopened before the start of May have seen a 29% reported drop in cases over the past three weeks, according to CNBC.

In another boost to reopening optimism, New York Gov. Andrew Cuomo said on Sunday that state, the epicentre of the outbreak, is "decidedly in the reopening phase," with sports leagues, campgrounds and veterinarian offices set to reopen, albeit with limitations.

Efforts to reopen states nationwide has many expecting that domestic travel will pick and support battered airlines. 

UBS upgraded Southwest Airlines (NYSE:LUV) to buy from neutral and raised its price target on the stock to $41 from $37, sending its shares 12% higher. American Airlines (NASDAQ:AAL) was up 12% and United Airlines (NASDAQ:UAL) jumped 15%.

Financials led the charge higher for the broader market as investors piled into beaten-down bank stocks, with JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) up about 8% and Citigroup (NYSE:C) rising10%.  

Energy, meanwhile, caught a bid on a sharp uptick in oil prices amid ongoing bets that output cuts by major producers and ongoing signs of a recovery in crude demand will alleviate the glut in supplies.

On the economic front, investors mulled mixed data as U.S. consumer confidence undershot expectations, but housing activity continued to rebound.

The Conference Board’s consumer confidence gauge rose to a reading of 86.6 in May from 85.7 the prior month, missing economists’ forecasts for a reading of 88. New home sales jumped to 623,000, topping economists' forecasts of 490,000.

Stocks - S&P 500 Tops 3,000 on Reopening Optimism
 

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Comments (12)
Mike Wash
Mike Wash May 26, 2020 3:58PM ET
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Markets selling off right now.
Alonso Batista
Alonso Batista May 26, 2020 3:58PM ET
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why?
Mike Wash
Mike Wash May 26, 2020 3:58PM ET
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Alonso Batista look at the charts
Alonso Batista
Alonso Batista May 26, 2020 3:58PM ET
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Yes sure, I saw that the bigs (apple, microsoft, etc) finish red, but do you know why Gareth?
Mike Wash
Mike Wash May 26, 2020 3:58PM ET
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Alonso Batista money moving out of stocks
Etienne Schoen
Etienne Schoen May 26, 2020 3:53PM ET
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Last chance to hopp on the S&P below 3k and in the DJ 25k ... See you up on 4k and 33k this fall
Mike Wash
Mike Wash May 26, 2020 3:53PM ET
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Really
Mauricio Valencia
Mauricio Valencia May 26, 2020 3:52PM ET
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The market is overpriced right now. Optimism and the reality is completely different.
Daniel Lule
Daniel Lule May 26, 2020 3:52PM ET
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You don’t need to be on the side of reality anymore. As long as you’re on the side of the mass buying you win
Notvery Goodathis
Peteymcletey May 26, 2020 3:34PM ET
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Can't make this ****up anymore.
ADAM FANNING
ADAM FANNING May 26, 2020 2:50PM ET
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Markets up 600+ but all the big companies are down, hmm.
Eric Cooper
Eric Cooper May 26, 2020 2:50PM ET
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Market dont care about the now. hmmm
Danny Walsh
Danny Walsh May 26, 2020 2:50PM ET
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ALL stocks should be up, unemployment is at 20%, bankruptcys are soaring, we’re paying people more to not work than they were earning in their jobs and FUNDAMENTALS DON’T MATTER.
Kingsley Chris
Kingsley Chris May 26, 2020 2:50PM ET
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Danny Walsh wish to chat with you privately
Michael King
Michael King May 26, 2020 2:10PM ET
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It would be much more proper to publish an article with title "Market up with Fed and Powell unlimited money printing commitment". Where is Trump's negative rate?
Space Lord
Space Lord May 26, 2020 1:59PM ET
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yes, please reopen to help spread the virus.
Cody Nguyen
Cody Nguyen May 26, 2020 1:48PM ET
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I wish my daughter would come at me with an F on her report card, but she deserves an A due to optimism and hope
Alexis Gutierrez
Alexis Gutierrez May 26, 2020 1:48PM ET
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Filthy bear spotted lol
Cody Nguyen
Cody Nguyen May 26, 2020 1:48PM ET
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I have both long and short positions. It is what it is. Performance doesn't matter.
Alexis Gutierrez
Alexis Gutierrez May 26, 2020 1:48PM ET
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Just messing with you bud. Was never personal. Like you im also a neutral trader so. But it was a joke. Have a great day bro and good luck!!
Johnson Gray
Johnson Gray May 26, 2020 1:24PM ET
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OPTIMISM
Robert DZ the patterns
Robert DZ the patterns May 26, 2020 1:03PM ET
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Anything bogus just to justify the printer Powell printing madness.
Robert DZ the patterns
Robert DZ the patterns May 26, 2020 1:01PM ET
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Hertz, JC Penney and others already reopened. Banks are also reopening their foreclosures departments.
Kevin Wilkie
Kevin Wilkie May 26, 2020 1:01PM ET
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Markets rise on Federal reserve money injection.
Show previous replies (1)
Matt Kay
Matt Kay May 26, 2020 1:01PM ET
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Sam Crowther It is for giving away money to the 1%. What did they do for the regular folk? NOTHING
Sam Crowther
Sam Crowther May 26, 2020 1:01PM ET
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Matt Kay except give out $1500 per person, increase unemployment wages and keep the economy alive
John Doe
John Doe May 26, 2020 1:01PM ET
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Sam Crowther  bootlicker
Tricky Dick
TrickyDick May 26, 2020 1:01PM ET
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Sam Crowther  You truly can't be this deluded. 99% of the money is being thrown to the 1% of which I am pretty certain you are not a part of. A booming stock market propped up with taxpayer money is not benefiting the 99%. However, when the 1% (which you are not part of) dumps this and takes the money, the 99% (which you are part of) will pay for it in lost jobs, devalued real estate, worthless retirement accounts, and new taxes. And then we'll do it all over.
Kilo Byte
Kilo Byte May 26, 2020 1:01PM ET
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Sam Crowther No, that was a stimulus bill in addition to the Fed's quantitative easing.  Taxpayers are now liable for trillions of dollars in new debt in addition to declining spending power thanks to the printing press.
 
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