Market closes above a key milestone, setting up stocks for more gains

Those big tech names that have been drivers of the market took a rest this week, as traders focused on names that will benefit from a reopening economy, like airlines, banks and industrials. The S&P financial sector is up more than 9.6% this week so far, and industrials are up more than 7.%. Communications services, which includes internet names, was up just 0.8%.

The 200-day is simply the average of the closing prices for the last 200 days for an index or even individual stock. In the case of the S&P 500, some investors view the 200-day as a line in the sand, where they will go long above that level but not below it. That can generate interest in the market and help pull it higher.

Paul Christopher, global market strategist at Wells Fargo, said the broadening out of the rally has been important and should help propel stocks. "The market has to figure out there's more than one story to price," he said, noting it would be hard to have a sustained rally without FAANG. "The rotation we're seeing is a rotation to value, to small caps. It's as if everything that got beaten up was getting a bid," he said.

Are we still retesting lows like you guys kept saying? Loll. CNBC noob have 0 clue as to what moves the markets. Clowns

Thinking about the investors who bought into the fear that CNBC sold and cashed out their investments in March. It’s about time in the market, not timing the market.

Rekt

Stonks up on insert headline here...

100 K are dead, close to 40 millions have lost their employment, prospects are there will be a slow recovery, but some at WS are cheerful and moving past key milestones. What’s wrong with this picture?

40 million unemployed tomorrows report to show. Rally on.

Clowns like jimcramer GerberKawasaki and others buying here not caring that the economy is in complete disarray and 40 million not working 🤡🤡

Question why is there no mention of DFFN witch is developing a treatment for the corona19 ? Just curious why when it could be saving lives.

Normal rules don't seem to apply.

Good stocks, way to go stocks!!

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