Ayyyeee… What’s Goodie Everyone. So I got some tea and it involves The Dow Jones industrial going UP 600 points again.
The Dow Jones industrial average shot up nearly 600 points, about 2.3 percent, to push the blue chip index past the 25,000 threshold. The Standard & Poor’s 500 index was up 57 points, about 1.9 percent, lifting the broader index above 3,000 for the first time since March. The tech-heavy Nasdaq showed a 1.6 percent gain.
All three indexes are coming off strong gains last week and are positive for May.
Dow component Merck was up in early trading after the pharmaceutical giant announced several advances against the coronavirus, including teaming with another company on the development of a vaccine as well as new treatments for virus patients.
Maryland based Novavax also reported Monday that it has entered human study for a vaccine virus. Massachusetts based Moderna last week reported that it had found good results from a small, early trial for its own vaccine. Pfizer, Johnson & Johnson and others are also trying to develop a vaccine for use as early as this year.
The New York Stock Exchange reopened its floor on Tuesday for the first time since March 23. Most traders will continue to work remotely, NYSE President Stacey Cunningham said in a Wall Street Journal column, while the fraction of those who do return will undergo temperature checks, wear masks and work with Plexiglas barriers to ensure social distancing.
Airlines reported increased passenger traffic over the holiday weekend, although it is still a fraction compared with a year ago. Restaurants and hotels are seeing some increase in bookings. As a result, airlines and cruise stocks have begun climbing out of dismal lows.
Asian markets boomed overnight, seeming ignoring rising tensions between the U.S. and China over a crackdown on pro-democracy activists in Hong Kong and China’s role in the coronavirus pandemic. Japan’s Nikkei up 2.5 percent, the Shanghai Composite up 1 percent and Hong Kong’s Hang Seng Index a robust 1.9 percent.