Stocks rally on reopening, stimulus hopes

NEW YORK: The three major averages on Wall St were poised for their fourth gain in five session on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve.

Still, with economic data likely to be dismal in the coming weeks, there is concern that stocks may have gotten ahead of themselves, with the S&P up nearly 33per cent from its March 23 closing low. Minutes from the Federal Reserve's most recent policy meeting showed the central bank pledged to act as appropriate to support the economy until it is on track to recovery, a sentiment that Fed Chair Jerome Powell has voiced in recent days.The Dow Jones Industrial Average rose 360.8 points, or 1.49per cent, to 24,567.66, the S&P 500 gained 47.95 points, or 1.64per cent, to 2,970.89, and the Nasdaq Composite added 174.88 points, or 1.9per cent, to 9,359.99.

As states across the country begin to loosen restrictions, hopes for an economic rebound have grown. The NYSE Arca airlines index jumped 5.35per cent as Delta Air Lines Inc's chief executive officer said he was confident travel will return in the next 12 to 18 months.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia stocks adrift as vaccine rally falters: STI down 0.9%WASHINGTON (REUTERS) - Asian stocks struggled to extend the week's rally on Wednesday (May 20) and gold and bonds firmed as a sceptical press report dented some hopes for a Covid-19 vaccine and concerns about bumps in the global recovery from the pandemic returned.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

US stocks retreat after big Monday rallyNEW YORK: Wall Street stocks ended lower on Tuesday (May 19) as top US economic officials warned the US economy faces continued risks, causing the ... Ya don't say🤔
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

SE Asia Stocks-End firmer on virus vaccine hopes; Thailand hits 2-1/2 month highREUTERS
Source: TODAYonline - 🏆 1. / 99 Read more »

Tokyo: Stocks open higher on virus hopes[TOKYO] Tokyo stocks opened higher on Tuesday, extending rallies on Wall Street on optimism about the easing of coronavirus lockdowns and promising preliminary clinical results of a Covid-19 vaccine candidate. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Tokyo: Stocks close higher on virus hopes in Japan[TOKYO] Tokyo stocks closed higher for the fourth straight day on Wednesday, helped by expectations the Japanese government would lift a state of emergency for some major cities on Thursday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Stocks to watch: Suntec Reit, SPH, Ho Bee Land, Oxley, UG HealthcareTHE following companies saw new developments that may affect trading of their shares on Wednesday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »