Ayyyeee… What’s Goodie Everyone. So I got some tea and it involves NASDAQ , Wall Street and the economy.
The Nasdaq stormed past its previous record to close to 9,924, an 110 point gain or 1.1 percent. The previous mark was 9,817.18.
The S&P 500 finished at 3,232.39, a gain of nearly 1.2 percent on the day. The S&P, which had been more than 30 percent in the hole three months ago, erased its losses for the year. The Dow Jones industrial average also had a big day, jumping 461 points, or 1.7 percent, to close at 27,572.44.
Markets are on pace to post three straight months of gains on the back of renewed optimism of an economy breaking out of the coronavirus lockdown and a federal government that has fed trillions to businesses and the 40 million unemployed. Investors are convinced that the economy will either quickly revive or the government will step in again.
The U.S. economy added 2.5 million jobs in May, the Labor Department reported Friday, a shockingly positive reading that lifted the Dow 829 points, or 3.2 percent. The S&P 500 is now within 1 percent of turning positive for 2020, after having been down as much as 30 percent, while the technology heavy Nasdaq is brushing up against a new high.
The employment picture continues to brighten, with as many as 400,000 people returning to work Monday in New York City, once the epicenter of the U.S. coronavirus outbreak. The city is kicking off phase one of its reopening plan by allowing non-essential retailers, construction sites and manufacturing to resume operations.
Still, a resurgence in covid cases could imperil the recovery. 23 states, as well as the District of Columbia and Puerto Rico, have seen an increase in the rolling seven-day average of coronavirus cases compared with the previous week, according to data compiled by The Post. Most have registered at least a 10 percent rise in cases