DOW opened with +1000 but close at -34, what's a good day for shorters! Major market indices are trying to break the 50% Fib Retrace lines! (2792 for S&P; 23891 for DJIA)
As of around noon, the Dow Jones Industrial Average gained 366 points, or 1.5%. Meanwhile, the S&P 500 advanced 1.5% and the Nasdaq added 1.2%.
Investors turned bullish at the notion that stimulus measures and the easing of lockdown conditions worldwide will help boost economic activity. In the U.S. over the weekend, some states allowed retailers and salon-type businesses to reopen. In addition, countries including Italy and Spain signaled that they may loosen restrictions in the coming weeks.
New York Gov. Andrew Cuomo on Sunday said the state plans to reopen its economy in phases.
Finally, a flood of U.S. companies — including Dow giant Apple (AAPL), Amazon (AMZN), Tesla (TSLA) and Facebook (FB) — are slated to report their Q1 earnings in the coming days.
Over in the Dow Jones, roughly 24 out of the 30 blue-chip components rose on the stock market today, with 19 rising 1% or more. Stocks showing strength included financials like Goldman Sachs (GS) and JPMorgan Chase (JPM), as well as industrial giant 3M (MMM).
Apple (AAPL) fell 0.1% on the stock market today, due to a report that the company would be delaying production of new iPhones by about a month. Consumer demand for Apple products remains somewhat dented by the coronavirus pandemic. Apple reports Q1 earnings on Thursday.
The growth-focused Innovator IBD 50 ETF (FFTY), which gained 25.7% in 2019, rose 1.8% on Monday.
Stocks on the move include Zoom Video (ZM), Emergent BioSolutions (EBS) and Zynex (ZYXI).
Top coronavirus stock play Zoom Video traded nearly 5% higher, as the stock is now soaring nearly 30% above its 50-day line.
So far, the Dow Jones Industrial Average DJIA, -2.55%, the S&P 500 SPX, -2.80% and the Nasdaq Composite COMP, -3.20% indexes were struggling to start off trade in May, after an uptrend in April that produced the best monthly gains in years.
The Dow is up about 28% from its March 23 low at 18.591.93, the S&P 500 is up 27% from its low at 2,237.40 and Nasdaq is has returned 26% from its bear-market nadir at 6,850.67, according to FactSet data.
JPMorgan Chase & Co., analysts warned last month that investors should get ready for a “vicious spiral” that is twice as severe as the 2008 financial crisis, while MarketWatch’s Hulbert wrote a separate piece pointing to August as a possible last stand for the bears.
“In the first bear market of the Great Depression, the S&P fell 44.57% over 58 days and then rallied 20%+ to enter a new bull market,” the analysts at Bespoke wrote in a Friday report. “Unfortunately, the S&P went on to make a lower low 338 days later, and then kept going lower and lower for years,” the report continued.
Many investors believe that the monetary and fiscal stimulus could be a sufficient cocktail to help ward off a revisit to the depths of March, but economic reports that point at stark deterioration in economic activity compared with a few months ago may be enough to shake the nerve of even the most rock-solid bulls.
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