S&P 500 erases losses from year at closing and is now in the green

[mystery-ak]

S&P 500 erases losses from year at closing and is now in the green
by Jay Heflin
 | June 08, 2020 05:22 PM

The S&P 500 at Monday’s closing bell erased its losses for the year created by the economic shutdown to slow the spread of the coronavirus.

The index jumped 38.46 points, or 1.2%, to close at 3,232.39, a level not seen since the end of February. The index has rebounded roughly 47% from its low in March.

The good financial news comes on the heels of the Labor Department on Friday announcing that the economy gained 2.5 million jobs in May, lowering the unemployment rate to 13.3%, from April’s 14.7%.

The payroll gains, the largest on record, represented a stunning development and a hint that the worst-case scenario for the economy might not come to pass. Forecasters had expected job losses of 8 million and an unemployment rate of about 20%.

more
https://www.washingtonexaminer.com/news/s-p-500-erases-losses-from-year-at-closing-and-is-now-in-the-green

[catfish1957]

For anyone interested  NASDAQ touched  10,000 for the first time in its entire history today.

[Applewood]

My retirement fund is almost back to where it was when COVID hit.  I've made up my losses. 

I think the days of 1,000 point per day Dow losses are over. 

[IsailedawayfromFR]

Not to worry, the Dow is racist, too.  Idiots think one has to own stock in a company to prosper.
When the stock fortunes of companies go up, they hire more people and pay better wages.

Few black families will benefit from the historic stock market rally

A surging stock market despite a global pandemic and nationwide protests is calling attention to the wealth gap faced by black communities in the United States.

Optimism over an economic rebound has inspired a week of positive movement in the equities market, as the Dow Jones Industrial Average rose almost 7%. Since market lows on March 23, the S&P 500 has had the largest 50-day rally in its history, according to LPL Financial.

But every day after market close, protesters in cities across the country have taken to the streets following the death of George Floyd under the custody of Minneapolis police.

The protests have sparked conversations not just on police brutality but on socioeconomic factors that support the systemic racism faced by black communities.

The stock market is one example of the wealth divide.

Data from the Federal Reserve’s 2016 Survey of Consumer Finances shows that 61% of white families have some stock holdings, compared to only 31% of black families.

Not only do fewer black families have stock holdings, but those that do also have far smaller stock holdings. The median white family had over $51,000 in stock holdings whereas the median black family had only $12,000.

https://finance.yahoo.com/news/few-black-families-benefit-from-stock-market-rally-213342729.html

[catfish1957]

My retirement fund is almost back to where it was when COVID hit.  I've made up my losses. 

I think the days of 1,000 point per day Dow losses are over.

DJIA Futures are down 811 this morning.  There's going to be bumps in the road along the way.  This morning is more of a function of the markets scratching their heads @ recent Fed actions, and some unexpected COVID spikes.

Also, we will be seeing bumps as companies start reporting 2Q earnings. 

[Applewood]

DJIA Futures are down 811 this morning.  There's going to be bumps in the road along the way.  This morning is more of a function of the markets scratching their heads @ recent Fed actions, and some unexpected COVID spikes.

Also, we will be seeing bumps as companies start reporting 2Q earnings.

Thanks.  I didn't expect it to be a constant, steady climb.  I just don't see the huge drops day after day after day like we had before.  That scared the *bleep* out of me.

[catfish1957]

Thanks.  I didn't expect it to be a constant, steady climb.  I just don't see the huge drops day after day after day like we had before.  That scared the *bleep* out of me.

The biggest drop we may see may accompany a November election where Biden wins, and the dims control the house and senate. Not saying that is going to happen, but we need to be prepared for it. 

That end result by 2024?

$50T+ national debt.
Perpetual 20+% unemployment
Mass inflation due to diluted currency. 

Never been a gold bug but........

[catfish1957]

DJIA down 1100 @ last look.  COVID spike blamed.  I suspect some Fed backlash too.

[Applewood]

DJIA down 1100 @ last look.  COVID spike blamed.  I suspect some Fed backlash too.

Oh, great!  I jinxed the Dow.  I should keep my mouth shut.   

[libertybele]

Oh, great!  I jinxed the Dow.  I should keep my mouth shut.   

Dow plunges 1,500 points as U.S. coronavirus cases rise, amid Fed’s grim economic outlook

Two things always drive the market; fear and greed.  Somewhere along the lines people need to take a look at logic here (just my opinion) -- we have record unemployment, many businesses have had to permanently close and that means those people employed will never get their jobs backs.  Antifa has gone wild and there  is a push to dismantle the police departments. The DEMS are doing nothing to help this President and Biden is the DEM nominee.  So ... logically, how is this a good scenario for the state of the economy right now?  Yes, I kept watching the market rise thinking that we should jump back in and then I sat and asked myself has the state of the union gotten better since the COVID nose dive or worse?    Sure businesses have opened up a bit, but this mayhem in the streets and so much uncertainty doesn't exactly give me reason to jump back in.  I think we're going to see new lows yet. Maybe not.  I'm not a financial advisor by any means ... only going by my gut right now.

Meanwhile ... the Chinese would still like nothing more than to see the U.S. collapse along with those funding the riots as well as the deep state.

https://www.marketwatch.com/story/dow-futures-tumble-550-points-as-stock-market-investors-watch-rising-cases-of-coronavirus-fed-offers-grim-outlook-of-us-economy-2020-06-11?mod=home-page

[mystery-ak]

Dow closes at 25,128 over 1800 drop today

[Fishrrman]

Dow closes at -1862.

Reports of a full "recovery" may at this point be... premature.

[libertybele]

Dow closes at -1862.

Reports of a full "recovery" may at this point be... premature.

Futures have recovered from negative territory since I looked a couple of hours ago, they are slightly in positive territory at 29.