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Wall Street Ends Higher on Bets Protests Unlikely to Derail Economic Recovery

Stock MarketsJun 02, 2020 04:10PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – Wall Street ended higher Tuesday as investors continue to bet on economic recovery in the second half of the year even as widespread protests in the U.S. threatened to slow the pace of reopening nationwide.

The Dow Jones Industrial Average rose 1.05%, or 267 points, the S&P 500 gained 0.83%, while the Nasdaq Composite added 0.59%.

Violent protests continued to erupt across U.S. cities over the death of George Floyd and threaten to undo some of the economic reopening progress made so far.

Several companies, including Target (NYSE:TGT), Walmart (NYSE:WMT), and Apple (NASDAQ:AAPL) temporarily shut some of their stores as protests turned violent.

But the civil unrest has done little to cool investor sentiment on stocks, with sectors sensitive to the reopening progress such as manufacturers, energy companies and banks adding to their recent gains.

Citigroup (NYSE:C) rose 2.8% and Morgan Stanley (NYSE:MS) was up about 1.95%, while Bank of America (NYSE:BAC) rose 0.83% after pledging to commit $1 billion over four years to support economic and racial inequality accelerated by a global pandemic.

Energy was the biggest gainer on the day, underpinned by rising oil prices amid growing expectations major producers will extend production cuts when they meet virtually later this week.

RBC Capital Markets' Helima Croft said major oil producers are expected to agree a one- to three-month extension. 

Tech, meanwhile, turned positive into the close as, as FAANG pared losses.

Facebook (NASDAQ:FB) clawed back losses despite coming under scrutiny for failing to take action on a post from President Donald Trump that appeared to threaten to start shooting looters.

Shares of Apple ended higher after the tech giant cut the prices of its latest iPhones in China ahead of a major online shopping festival on June 18.

Wall Street Ends Higher on Bets Protests Unlikely to Derail Economic Recovery
 

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Comments (43)
Blessing Udoruisi
Blessing Udoruisi Jun 03, 2020 3:19AM ET
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oh really
Bill ODell
Bill ODell Jun 02, 2020 9:01PM ET
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I’m so tried of talking heads saying how the market looks 6-9 months out. Yet 6-9 months ago the market was approaching its new highs. Now we are being told that fundamentals don’t matter because the printing presses are working overtime. As a result the markets can look past China and looting/rioting of our major cities and towns.
Haresh Chandwani
Haresh Chandwani Jun 02, 2020 8:58PM ET
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The public isn't buying.. everyone is selling..the fed will eventually own the entire market..and then it will have a hard time selling when it really needs the money..
Steven Kilgore
Steven Kilgore Jun 02, 2020 8:58PM ET
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I have been buying, well up until the last few days. Sold of and took some gains recently and moved over to what I think are safer stocks.
Sam Crowther
Sam Crowther Jun 02, 2020 8:58PM ET
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That couldnt make less sense. Do you understand what types of securities the FRB purchases to increase money supply?
Haresh Chandwani
Haresh Chandwani Jun 02, 2020 8:58PM ET
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yeah.. my cmnt makes no sense.. the irrational market movement does.. right?
Robert DZ the patterns
Robert DZ the patterns Jun 02, 2020 8:39PM ET
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Does printer Powell really think that he can pump markets into infinity. And by doing that he will limit the ability of real economy recovery, eventually real economy will be taxed even more havily for that.
Paul Page
Paul Page Jun 02, 2020 8:36PM ET
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how can yuo derail somthing that has 7 trillion backing it and 10 trillion more waiting.. banks and mortgages are frozen so no delinquient foreclosures.. eventually debt ill need to be repaid and foreclusures and unemployment will show up.. cannot freeze it forever.. the piper is coming soon for payment and time is running out
Gas Hog
Gas Hog Jun 02, 2020 7:48PM ET
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Write something useful please. The headline of this article is not true. The market is going up because the Fed is financing it and making the rich get richer. The average investor is not in the market. So, tomorrow write something useful
Phil Lin
Phil Lin Jun 02, 2020 7:44PM ET
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Are we sure we are “investing” here?I am sure a lot of people making $$ during this time are thinking they are good at investing.Little do they know that FED $ printing cannot go on forever. Its basically borrowing from the future in hope that future productivity growth can catch up with its mounting debt and before every nation loses faith in the USD. We are all basically playing with fire here. I wish proper deleveraging comes earlier than later, or else it is going to be a disaster.
Haresh Chandwani
Haresh Chandwani Jun 02, 2020 7:44PM ET
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The fed IS in fact gifting "DISASTER" to the US citizens of the future..
jack hong
jack hong Jun 02, 2020 7:37PM ET
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wall street ended higher on bets more people in the sidelines will be lured into the market no matter what.
Ali Rahimi
Ali Rahimi Jun 02, 2020 7:13PM ET
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great
Robert DZ the patterns
Robert DZ the patterns Jun 02, 2020 7:11PM ET
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We are witnessing here something very remarkable, markets will go up very very high while economy and society collapsses, it happened already like that Venezuela and Zimbabwe
Yisroel David
Yisroel David Jun 02, 2020 6:46PM ET
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A good analyst should realize that ”Wall street ends higher because bad news doesn't make a difference these days” and not any other reason.
William Chan
William Chan Jun 02, 2020 6:46PM ET
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Yep. Just fed pumping money and artificially inflating market.Economy rocked bu closires and now riots that may permanently close businesses and store locations, if not delay openings in major cities by months.
Etienne Schoen
Etienne Schoen Jun 02, 2020 6:32PM ET
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Make America great again! ... sorry, but just crossed my mind ... but such may only be achieved with equal rights and free markets!
Jack Zhang
Jack_A Jun 02, 2020 6:05PM ET
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GREEDY!
Zachary InVen
Zachary InVen Jun 02, 2020 5:55PM ET
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it will just drop. how u go out to spend $ under curfew?
Warren Nugget
Warren Nugget Jun 02, 2020 5:55PM ET
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Online shopping
Space Lord
Space Lord Jun 02, 2020 5:51PM ET
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current uptrend market is too slow, doom and boring. I miss April.
Pól Hansen
Pól Hansen Jun 02, 2020 5:43PM ET
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There is something very wrong with this economy
Manos Tzifakis
Manos Tzifakis Jun 02, 2020 5:38PM ET
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With almost 0% interest rates it's normal
Admin Admin
Admin Admin Jun 02, 2020 5:33PM ET
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Is it a good time to but TSLA?
Day Trader
Day Trader Jun 02, 2020 5:33PM ET
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Bout as a good time as buying into this Prop Job while the nation is in racial divide and protest lol. it has shrugged it off for now but cant anymore
Bilbo Biggun
Bilbo Biggun Jun 02, 2020 5:25PM ET
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"Wall Street Ends Higher on brrrrrrrrrrr" - FTFY
John Patrick
John Patrick Jun 02, 2020 5:21PM ET
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ahhh...protests are also good for stocks...what isn't?
Michael Angelo
Michael Angelo Jun 02, 2020 5:16PM ET
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As far as I read lots of people are watching this rally from the shortside, sorry but are shortsighted also. NEVER fight tbe Fed, Hollywood media and elections. Remember the movie Wall Street... All is rigged...
Etienne Schoen
Etienne Schoen Jun 02, 2020 5:16PM ET
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BoE lost and FED will loose soon ... dont worry!
Ryan Walls
Ryan Walls Jun 02, 2020 5:16PM ET
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So we should just conform to evil?
Joe Bartlett
Joe Bartlett Jun 02, 2020 5:12PM ET
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Why is BoA spending $1B to “support economic and racial inequality” :)
rob finch
rob finch Jun 02, 2020 5:12PM ET
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what are they going to do? give $1B to Bill Gates?
Gregory Bashaw
Gregory Bashaw Jun 02, 2020 5:12PM ET
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Good Question
Steven Kilgore
Steven Kilgore Jun 02, 2020 5:12PM ET
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I wondered that myslef, maybe they plan on setting up new loan losses for minority loan? Other than that i dont know what a bank is going to do to insert 1 billion.
Ricardo Diogo
Rcd72 Jun 02, 2020 4:58PM ET
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it is becoming really bizarre the reasons said to justify the market game, last to jump wins, behaviour
Michael King
Michael King Jun 02, 2020 4:57PM ET
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Short term market has never been rational. But in a longer term, it always sync with the real economy. Current net buyers of the market are primarily retail investors. Institutes has loaded at market low two months back. They are now just using the thin volume at premarket, market closing and post market to push up price to lure retail investor to buy from them. The best play at this market level is maintain around 50% long positions,  free some cash to play daily market fluctuation.
Space Lord
Space Lord Jun 02, 2020 4:57PM ET
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Only 10% movement a day is about rational
Ryan Walls
Ryan Walls Jun 02, 2020 4:57PM ET
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You mean, free cash to buy back down your averages.
Olivier Ve
lamborghinibull Jun 02, 2020 4:57PM ET
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stocks go to laland as fed pumps all silverreserves into stocks and euro buys all the gold in the world
 
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