The S&P 500 and Nasdaq closed higher Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely.
The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a U.S. fiscal support bill. Fred Katayama reports.
The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar. Fred Katayama reports.
The S&P 500 and the Nasdaq finished slightly higher on Friday but the Dow closed with a loss as investors kept an eye on record new coronavirus cases in the U.S. Conway G. Gittens wraps up the trading action.
U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.
Stock strategist Ed Yardeni said the market will rally back in 2022. The stock market has "discounted lots of the good news likely to occur through the end of next year." Yardeni has been bullish about the market. He raised his S&P 500 targets to 3,500 for this year and to 3,800 for 2021. He said expectations for strong profit growth should keep prices rallying for several months Indexes' jumped on Tuesday's with news of a Russian coronavirus vaccine.
On Thursday, Goldman Sachs said the S&P 500 can hit 3,600 if markets price in the bank's "comparatively more optimistic US GDP forecast." The banks analysts say specific market conditions would yield the growth. The economy contracts by only by 5% in 2020. It would have to grow by 6.2% next year. After that real yields will rise sharply to levels of "cyclical optimism" in June 2021.
The S&P 500 ended slightly lower Thursday after briefly trading above its record closing high level for a second day, and the Dow also fell in the wake of a disappointing forecast from Cisco Systems. Fred Katayama reports.
Legendary analyst Byron Wien said the bear market and recession are over. Wien told Bloomberg news the S&P 500 may climb slightly higher but it will not be making any "major strides upward" this year. Byron is the vice chairman of Blackstone Private Wealth Solutions said the S&P 500 is "fully priced." He also applauded US technology companies for their creativity. According to Business Insider Wien said the US should be a manufacturer as well as an innovator to compete globally.
George Ball, now CEO of Sanders Morris Harris, says Bitcoin or other cryptocurrencies could soon become sought after as a safe-haven asset. He tells Fred Katayama why he thinks many wealthy investors or traders will consider buying them after Labor Day.
U.S. retail sales in July increased less than expected as consumers cut back on purchases of motor vehicles. As Fred Katayama reports, it could slow further in the months ahead amid spiraling new COVID-19 infections and a reduction in unemployment benefit checks.