Day Traders Diary
The major averages rose once again focusing on the reopening of the economy from the coronavirus pandemic even amid civil unrest around the U.S. The Dow Jones Industrial Average climbed 267 points, or 1.1%, to 25,742. The Nasdaq Composite advanced 0.6% to 9,608 while the S&P 500 gained 0.8% to close at 3,080. Tuesday's gains put the S&P 500 up more than 40% from its late-March intraday low.
Stocks tied to the reopening of states outperformed once again. Citigroup, Wells Fargo and Bank of America all rose at least 0.9%. Gap climbed 7.7%. Southwest gained 2.6%.
Big Tech lagged the broader market for most of the day, but the eked out slight gains in the final minutes of trading. Facebook, Netflix and Apple all closed at least 0.3% higher while Alphabet gained 0.5%. Amazon advanced 0.1%.
Other markets pointed to optimism about the country reopening from the widespread mandated shutdowns due to the coronavirus. Oil added nearly 4%. Treasury yields were higher. Visa and Western Union were among the latest companies noting stabilizing/improving conditions in May, providing some assurance for bullish investors.
Separately, Goldman Sachs and Microsoft received price-target increases to $230 and $250, respectively, at Wells Fargo. The turnaround in Microsoft were down nearly 1% intraday, helped support the broader market in afternoon trade.
U.S. Treasuries ended the session on a lower note, pushing yields slightly higher. The 2-yr yield increased two basis points to 0.16%, and the 10-yr yield increased two basis points to 0.68%. The U.S. Dollar Index declined 0.1% to 97.72. WTI crude rose 3.8%, or $1.35, to $36.80/bbl.
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