The reopen rally continued today as stocks opened higher, gave some back, but closed strong. Most notably is that stocks that had benefited from people being quarantined have run into some profit taking, while shares of cyclicals, banks and companies in general that benefit from the economy reopening have found some sponsorship. A little rotation would be good for the longer term health of the market.
By the close, the Dow Jones Industrial Average was up 553 points to finish the day at 25,548. The S&P 500 was up 44 points to close at 3,036. Gold was down $1 to trade at $1,727 per ounce, while oil was down $1.45 to trade at $32.90 per barrel WTI.
We continue to get encouraging news from biotech and pharmaceutical companies with regards to vaccines and therapeutics and even Dr. Fauci acknowledged today that a resurgence of the virus in the fall is not a given. As always we remain cautiously optimistic, but green shoots are green shoots. Let’s see if the bulls can keep the momentum thru the rest of the week.
Have a nice evening everyone.