Posted on 09/02/2020 1:12:25 PM PDT by SeekAndFind
U.S. equity benchmark indexes were trading in record territory Wednesday afternoon, as investors drew hope from progress in the development of tests and vaccines for COVID-19, along with the potential for another fiscal stimulus package in Washington.
Investors also largely ignored a mixed batch of economic reports, including a private-sector jobs reading that came in weaker than expected suggesting only a slow recovery from the coronavirus pandemic.
The Dow Jones Industrial Average (DJIA)gained 375 points, or 1.3%, at 29,020, edging nearer to its Feb. 12 closing high of 29,551.42. The S&P 500 index (SPX) climbed 44 points, or 1.3%, at 3,573, a new intraday record, while the Nasdaq Composite Index (COMP) advanced 91 points to reach 12,031, a gain of 0.8%, after setting its own intraday all-time high at 12,050.46.
On Tuesday, the Dow rose 215.61 points to end at 28,645.66, or 0.8% higher, the S&P 500 index added 26.34 points to close at a record 3,526.65, a gain of 0.8%, after setting an intraday record of 3,528.03; while the Nasdaq Composite Index advanced 165.21 points to a record 11,939.67 finish, a rise of 1.1%, after touching a new intraday all-time high of 11,945.72.
What’s driving the market?
Stock markets were on pace to touch fresh records Wednesday, with a number of possible catalysts boosting the investing mood amid the coronavirus pandemic. Bloomberg reported that U.S. Treasury Secretary Steven Mnuchin again restarted talks with House Speaker Nancy Pelosi, sparking fresh hope of another fiscal stimulus plan to help out-of-work Americans.
On the health front, the leading infectious disease health expert Dr. Anthony Fauci said that a COVID-19 pandemic cure could come sooner than expected if the roster of companies attempting to achieve a vaccine are able to produce outstanding preliminary results.
(Excerpt) Read more at msn.com ...
I’m tempted to transfer my Vanguard 401K portfolio into their zero interest money market fund, and sit things out until after the election.
Talk me off of the ledge, please...
According to CNN Business, the stock market is surging on expectations of a Biden victory.
Numbers reported here for today are incorrect.
As of Wed close
DJIA up 454 to 29100
S&P 500 up 54.19 to 3580
NASDAQ up 116 to 12056
My guess is the markets recent surge is a combination of the China Virus becoming much less of an issue as people are fed up with the lock down and the rapidly improving economic outlook.
The lock down is quickly winding down and as others have said and I agree, this will never be allowed to happen again in this country. I don’t believe the people will stand for it again after what we have learned.
“I’m tempted to transfer my Vanguard 401K portfolio into their zero interest money market fund, and sit things out until after the election.
Talk me off of the ledge, please...”
Some cash is ok but depending on your age I wouldn’t have more than 10% (max) in a retirement portfolio.
...and the prospects of President Trump's re-election!
“According to CNN Business, the stock market is surging on expectations of a Biden victory.”
Nice try at spin by CNN.
As investors fill their wallets with more covid cash. Most notably the vax producers. Its an rna virus, so they could inject saline for about the same efficacy.
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