A currency trader gestures at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 22, 2020.
The S&P 500 was up 2.1 percent in midday trading, following up on milder gains in Europe and Asia. Treasury yields also inched higher in a sign of a bit less pessimism in the market. Now, even as depressing economic and health reports pile up by the day, some investors are looking ahead to the possibility of parts of the economy reopening as infections level off in some areas.The recession is still expected to be painfully deep, but potentially short, Slimmon said, which is pushing some investors to buy stocks that have been beaten down.
Chipotle Mexican Grill, for example, said that a key sales figure plunged 16 percent in March on widespread stay-at-home orders. But it hit a bottom during the week of March 29, down 35 percent, and has since improved a bit. Declines the past week were “in the high teens.” Its shares rose 11.9 percent.
Netflix has also been a big winner as people look to fill their time, with shares recently hitting a record. It said late Tuesday that it added nearly 16 million global subscribers in the first three months of the year. But shares slipped 2 percent on Wednesday after its profits didn’t quite live up to Wall Street’s lofty expectations.
The new bill would come on top of more than $2 trillion in aid that Congress has already approved. That, plus massive support for markets from the Federal Reserve, have helped the S&P 500 to rise more than 24 percent since a low in late March. The index has roughly halved its loss from its record set in February, which at one point was roughly 34 percent.
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