Wall Street climbs as investors hold out for recovery; Nasdaq at three-month high

[turbinetree]

BUSINESS NEWS MAY 20, 2020 / 6:59 AM / UPDATED AN HOUR AGO

Reuters) - Wall Street’s main indexes surged and the Nasdaq hit its highest level in three months on Wednesday as investors clung to hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.

The tech-heavy index, now about 5% below its all-time high hit in February, was boosted by Facebook Inc and Amazon.com Inc, which were trading at record levels, as well as Apple Inc.

The S&P 500 was about 12% below its all-time peak and the Dow Jones index was short by 17%.

“It relates to the reopening of the economy... some states are further along than others, but it’s giving a little bit of confidence to the markets,” said Robert Pavlik, senior portfolio manager at Slatestone Wealth Llc in New York.

Reporting by Ambar Warrick and Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur

https://www.reuters.com/article/us-usa-stocks/wall-street-climbs-as-investors-hold-out-for-recovery-nasdaq-at-three-month-high-idUSKBN22W1IM

I was always told when I was young or even old to stay in bed when was I sick to healthy faster..........and now we have this.............even with the pandemic, the world is not healthy.......I guess greed overrides safety and health and that basic premise for everything is ......basically just fuck it............

[ProfessorGAC]

1. Stupid Article

NASDAQ is down 33.5% since January 3rd as of noon EDT today.
Even in the article, it says DJIA and S&P are down 17 & 12% since the same date.
This is not a surge.
It's a roller coaster ride around the corrected equilibrium.
Writer should look up "surge" & " bear market".

[Steelrolled]

2. Nasdaq is actually up a little, year to date.

[empedocles]

3. It's not unusual for the stock markets to bounce back after a selling crash.

[I sense that you may feel the markets are not reflecting economic realities. I agree that are not. I suspect that stock market buyers, are concentrating on what other buyers may do, not economic numbers. Speculators in particular will buy, and be ready to sell quickly].

After the initial 1929 crash, the stock markets bounced back with gains in the 33% area. All within months of the all time high.

That was somewhat similar to what is happening now in stock markets since the all time highs in mid February.

Of course that relatively quick bounce from the 1929 Crash, did not last. The stock markets lost 90% from the highs, disappointing op longer term investor optimists.