Stocks rise on recovery hopes

Video Credit: Reuters Studio
Published on June 1, 2020 - Duration: 01:22s

Stocks rise on recovery hopes

U.S. stocks posted gains Monday as signs of U.S. economic recovery helped offset jitters over increasingly violent social unrest amid an ongoing pandemic and rising U.S.-China tensions.

Fred Katayama reports.


Stocks rise on recovery hopes

Neither the violent protests that intensified over the weekend nor rising trade tensions with China could hold investors back from buying stocks Monday.

They focused instead on manufacturing and construction data that suggest the economy may be beginning to recover.

Tech stocks led the advance, pushing the Nasdaq up two-thirds percent.

Boeing gave the Dow ballast.

The blue chip index and the S&P 500 gained over a third of a percent.

But RegentAtlantic research director Andy Kapyrin is cautious about the outlook after the market's quick snapback: "It is hard to see that the market's next move is going to be up another 20%.

But it is easy to paint a picture where news moves of a particular variety causes a 20% drop.

And that is why I'm a cautious bear." The social unrest pushed major retailers like Walmart and Target to close some of their stores, pressuring their shares.

Leading the decliners: healthcare stocks, including Pfizer and Gilead Sciences.

Pfizer said its late stage trial of its breast cancer drug, Ibrance, was not likely to meet the main goal of a large-scale study while Gilead Sciences' antiviral drug remdesivir showed mixed results in a late stage study of people with moderate COVID-19.

You are here

💡 One News Page Knowledge: Other News Mentions

Dow Jones Industrial Average

Stock market index
The Dow Jones Industrial Average rose above 16,000 for the first time while the Standard and Poor's 500 index rose past 1800 for an all-time high. But by the end..
Credit: CBS News - Published 20 hours ago

Coronavirus disease 2019

Infectious respiratory disease caused by severe acute respiratory syndrome coronavirus 2
The National Urban League is out with its report on the State of Black America in 2020, as the coronavirus pandemic and protests over police violence expose..
Credit: CBS News - Published 1 hour ago

The nation's top infectious disease expert is warning against the idea of letting coronavirus infections to run rampant in order to achieve possible herd..
Credit: CBS News - Published 4 hours ago

Related news from verified sources

U.S. stocks rose Wednesday, extending recent gains on hopes for a global economic recovery as more economies reopen.
on June 17, 2020 • USATODAY.com

Airline stocks in general have recently rallied on hopes that summer travel won’t be a total wipeout and its revival might signal a broader recovery in air...
on June 4, 2020 • Newsmax

In a big surprise, US non-farm payrolls increased by 2.5 million in May as the world’s biggest economy attempts to regain its footing after being battered by...
on June 5, 2020 • Proactive Investors

Related videos from verified sources

Recovery hopes drive Wall Street higher 01:29
Video credit: Reuters Studio - Published on June 3, 2020 

Recovery hopes lift Wall Street 01:19
Video credit: Reuters Studio - Published on June 3, 2020 

You might like