U.S. stocks traded higher Thursday morning, reversing early losses, as financial sector stocks got a boost from what investors saw as a roll back red tape by regulators.
On Wednesday, the Dow shed 710.16 points, or 2.7%, ending at 25,445.94. The S&P 500 fell 80.93 points, or 2.6%, to end at 3,0501.33. The Nasdaq Composite gave up 222.20 points, or 2.2%, finishing at 9,909.17, a day after booking a fresh record closing high. All three indexes registered their worst day since June 11.
The Federal Reserve has said that banks entered the crisis in a strong position, but analysts believe that the length of the pandemic could erode the balance sheets of some institutions as credit losses mount—a point investors will be on the lookout for. After the worst down day for U.S. stocks on Wednesday in about two weeks, investors were digesting a plethora of economic data Thursday morning.
On Wednesday stocks sold off sharply when the U.S. recorded a one-day total of 34,700 newly confirmed COVID-19 cases, the highest level since late April, the Associated Press reported, using data compiled by Johns Hopkins University. “We’re throwing trillions of dollars at getting the economy supported and restarted,” said Chris O’Keefe, managing director at Newtown Square, Pa-based Logan Capital Management. “But that can’t solve the health issue. It always comes back to that, and the psyche out there is very much concerned about it.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market live updates: Stocks lower, travel stocks sink, KB Home drops 11%As new COVID-19 cases continue to spike and the market struggles, MadMoneyOnCNBC's JimCramer has some advice to dish out. MadMoneyOnCNBC jimcramer Check out my Gig on Fiverr: be your all rounder activecampaign specialist MadMoneyOnCNBC jimcramer What has change since March regarding COVID-19? Do we have a cure a vaccine? Why are people expecting change? MadMoneyOnCNBC jimcramer If we had a competent Federal response we woukd be in much better shape
Source: CNBC - 🏆 12. / 72 Read more »
Stocks Under Pressure, Covid-19 Cases Spiking, Disney Delays, Macy’s Jobs Cuts, Spotify Exec on Growth by Squawk on the StreetSquawkStreet I've noticed the more Gov controls market (Ex new taxes .. changed our plan, bailing them out) the more everyone sounds like BS. Secret Police insider trading? POTUS Pontifex UN4Youth UN_Women vonderleyen SpeakerPelosi maddow TheEllenShow GretaThunberg HISTORY Business
Source: CNBC - 🏆 12. / 72 Read more »
Here's how to trade Chinese stocks during rising tensions with the U.S. and a pandemicThere's still opportunities for investors in Chinese stocks, despite increased tensions over trade, the coronavirus and geopolitical issues. How? Is to trash them! Garbage! buyInUSA Rafa_Peraza02 The answer is you don’t.
Source: CNBC - 🏆 12. / 72 Read more »
US stocks climb, Nasdaq hits record as investors pile into tech giants | Markets InsiderUS equities climbed on Tuesday as positive data releases fueled new hopes for a swift economic recovery. New home sales leaped 16.6% in May ... 👍
Source: BusinessInsider - 🏆 729. / 51 Read more »
Mike Santoli's market notes: Stocks levitating, ridiculous Navarro flash crash, resistance ahead?New for subscribers: Mike Santoli's market notes: Stocks levitating, ridiculous Navarro flash crash, resistance ahead? Check out CNBCPro for a free trial. Pro Like this honest kind of headline. Pro More like massive crash ahead. Worst bubble ever just waiting to burst and cause financial ruin.
Source: CNBC - 🏆 12. / 72 Read more »
Stocks Keep Climbing on Better Data, Vaccine HopesThe Dow Jones Industrial Average is up 0.9% at recent check, while the S&P 500 is 1% higher and the Nasdaq Composite is leading the group with a 1.4% gain. I believe this is hysteria and it doesn’t make sense to me I am OKAY ( ElyBahianaAOL.com) Good NIGHT Amor ......
Source: MarketWatch - 🏆 3. / 97 Read more »