Dow inches up as investors weigh hope for recovery against rise in COVID cases
U.S. stock-market indexes traded slightly lower, but were attempting to regain their buoyancy, Monday morning, as investors weighed optimism over a quick recovery for the domestic economy, or V-shaped rebound, against evidence of an acceleration of COVID-19 infections in states and elsewhere in the world.
On Friday, the Dow closed 208.64 points lower, down 0.8%, at 25,871.46, after being as much as 371 points higher at an intraday peak at 26,451.44. The S&P 500 index fell 17.60 points, or 0.6%, to close at 3,097.74, but hit an intraday peak at 3,155.53. The Nasdaq Composite Index added 3.07 points, less than 0.1%, to close at 9,946.12.
Domestically, there are 24 states that showed an increasing trend in cases this past week, with California, Texas and Florida continuing to leading the way, each with more than 4,000 new cases on Sunday alone, according to data aggregated by Johns Hopkins University. The global tally for COVID-19 rose to just shy of 9 million, according to the day.
“There are clearly some concerns circulating, but they are nothing like the panic that was seen in February and March,” wrote David Madden, market analyst at CMC Markets UK, in a Monday research note. A number of strategists, however, are betting that the economy, will stage a sharp rebound from out of recession, even as infections pick up. “History is not on the side of investors expecting anything less than a V-shape,” wrote analysts at Jefferies, led by Sean Darby, global equity strategist, in a research note, who is anticipating improvement in earnings as manufacturing data steadies from coronavirus lows.
In economic data, the Chicago Fed national activity index rebounded to a reading of 2.61 in May from a revised minus 17.89 in April. A number above a zero value for the index, which is a weighted average of 85 economic indicators, indicates that the national economy is expanding at its historical trend rate of growth. Negative values indicate below-average growth.Which stocks are in focus? How are other markets trading? West Texas Intermediate U.S. crude CLN20, +0.
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