Stocks are looking past terrible economic news and finding hope in a reopening economy and the idea that drugs may help fight coronavirus.
. The small-cap Russell 2000 jumped 4.8% in its sixth-straight day of a more than 1%, the first such streak since 2000. The S&P energy sector jumped 7.4%. Tech is now 10.3% below its all-time high, but health care, consumer staples and consumer discretionary stocks all closed within 10% of their all-time highs.
"I think the market actually liked the news of remdesivir more than it cared about what Powell said," said Patrick Leary, chief market strategist at Incapital. Traders said even the bond market traded more on the positive headlines on Gilead's drug, than the worse-than-expected decline of 4.8% in the gross domestic product in the first quarter, which was reported about the same time Wednesday morning.
Michael Arone, chief investment strategist at State Street Global Advisors, said the market has moved even without details of all the Fed programs, and that's fine while the Fed fights the sharp economic decline. States have begun to open their economies in the past week, and investors have been watching to see if the openings can continue and whether business activity is picking up,
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FACTBOX-On climate, it's Biden's green revolution versus Trump's war on red tapeThe U.S. presidential election pits a politician who supports environmental regulation and diplomacy to tackle climate change against another determined to dismantle such policies.
Read more »
Tom Green Falls Asleep on IG Live, Harland Williams Hops Wall to Check on HimTom Green got a surprise visit from Harland Williams, who was making sure he wasn't dead on Instagram Live.
Read more »
Brian Austin Green Spotted Without Wedding Ring Amid Meghan Fox Divorce RumorsBrian Austin Green isn't wearing his wedding ring, which is leading to even more Megan Fox split rumors.
Read more »
Tesla's latest Autopilot feature is slowing down for green lights, tooTesla has said its latest version of Autopilot, its autonomous driving software, is able to stop at traffic lights. But some Tesla drivers are learning it doesn't just stop at red lights, it appears to slow down for green lights, too.
Read more »
World has 'historic' opportunity for green tech boost, says global watchdog'[Authorities] want to be convinced that those policies accelerating clean energy transitions would also help economic recovery.' Fatih Birol, executive director of the International Energy Agency, on clean energy technologies
Read more »
Becoming more human, a tribute to a friend - Big Green PenMy lifelong friend, Duane Archer-Buffum, passed away on November 23, 2018. This tribute is written to him. I’ve asked myself a thousand times over the past few decades what would have happened if I had handled the conversation differently when … Continue reading →
Read more »