Markets worldwide rallied on rising hopes for a COVID-19 vaccine Wednesday, and the Standard & Poor’s 500 index climbed back to where it was a few days after it set its record early this year.
Several things helped lift the market, including stronger-than-expected reports on the economy and on corporate profits from Goldman Sachs and others. But the vaccine hopes were at the center of the rise, which meant the market’s leader board was dominated by companies that would benefit most from a return to normal life. They included cruise-ship operators, airlines, retailers and hotel chains.
It’s the latest bout of erratic trading for the market, which has been largely churning in place for weeks. The S&P 500 is almost exactly where it was June 8. Often, it has swung sharply within a single day as hopes for a budding economic recovery collide with continuing increases in coronavirus cases.On Wednesday, as Wall Street was losing its stride, Florida announced another daily death toll of more than 100 and Oklahoma’s governor said he tested positive for COVID-19.
The nation’s industrial production improved more in June than economists expected. So did manufacturing in New York state earlier this month.Goldman Sachs rose 1.4% after it reported much stronger results for the latest quarter than analysts expected. Financial stocks in general did well, with those in the S&P 500 up 1.9%.
Every time the media writes about the stock market, a small part of me dies.
They are banking on a vaccine that is still months away. But ignoring the rising cases, reports of mutations and short lived immunity for the previously infected, and the gross incompetence of the Trump administration’s handling of the crisis.
Like betting on horse races...
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