All green lights from here, couple yellow near stops??? Few days ago many pundits predict massive down turns at least another 15-25% DJI reaching March levels?
https://www.marketwatch.com/story/dow-ends-527-points-higher-and-the-stock-market-notches-its-3rd-straight-gain-amid-hope-of-coronavirus-treatment-2020-06-16?mod=marketsDow ends 527 points higher and the stock market notches its 3rd straight gain amid hope of coronavirus treatment
Published: June 16, 2020 at 4:08 p.m. ET
By Mark DeCambre
DJIA
+2.04%
SPX
+1.89%
COMP
+1.74%
PCG
-0.27%
U.S. stock benchmarks closed out Tuesday trade sharply higher after investors parsed testimony from Federal Reserve Chairman Jerome Powell on the the economy, reacted to a report of a prospective treatment for COVID-19, and to a report on retail sales that suggested that worst of the damage wrought by coronavirus lockdowns may be over. Retail sales rose 17.7% in May, according to data from the Commerce Department, marking a sharp rebound from a record slump in March and April during the depths of the pandemic. The Dow Jones Industrial Average DJIA, +2.04% closed up 527 points, or 2%, at 26,290, the S&P 500 index SPX, +1.89% gained 1.9% at 3,124, on the back of gains in the energy and health-care sectors, both up more than 2%. The Nasdaq Composite Index COMP, +1.74% closed with a gain of 1.8% at 9,896. All closing levels are on a preliminary basis, and all three benchmarks marked their third straight gain, recovering mightily from a jarring pullback on Thursday. The retail sales got the stock market off to a bullish start and gains deepened after BBC reported that dexamethasone, a cheap and widely available steroid, is showing signs of success in low doses when prescribed to patients who are suffering serious symptoms from the illness derived from the coronavirus. In corporate news, Pacific Gas & Electric PCG, -0.27% pleaded guilty Tuesday to killing 84 people in a 2018 wildfire in Northern California, agreeing to pay a maximum fine of $3.5 million, as well as the cost of the investigation. Shares of the utility closed down 0.3%. Meanwhile, Powell in his Senate testimony reiterated that the road to recovery from the pandemic would likely be a long one and cautioned investors that they shouldn't overreact to surprisingly good economic data like the May retail sales report published earlier Tuesday because "the levels of output and employment remain far below their pre-pandemic levels." Powell will testify in front of a House panel on Wednesday.
