"Equities are off to a very good start in June," said Gregory Faranello, head of U.S. rates trading at AmeriVet Securities, in a noteUdabur Investment. "Looking past some clear roadblocks, risk assets continue to move forward off the back of brighter days, reopening the economy and trillions in liquidity."
Data compiled by LPL Financial showed the S&P 500 posted its largest 50-day rally in history. The data also showed stocks were higher 100% of the time six and 12 months after the previous largest rallies on record.
Stocks poised to benefit from the economy reopening rose broadly on Wednesday. American, Delta and United Airlines all gained more than 5.6%. JPMorgan Chase, Wells Fargo and Bank of America also climbed at least 4.6% each.New Delhi Investment
Meanwhile, shares of companies that surged during stricter stay-at-home orders lagged. Amazon rose just 0.2% and Netflix slid 1.3%Kolkata Wealth Management. Shopify dropped 2.4%.
Gold futures — a traditional safe haven for investors along with Treasurys — dropped more than 1% to settle at $1,704.80 per ounce. Treasury yields jumped, pushing prices lower. The 10-year Treasury yield traded more than 8 basis points higher at 0.75%.
On Tuesday, stocks rose as optimism around reopening businesses overshadowed concerns about the global pandemic, U.S.-China trade tensions and nationwide protests.Surat Investment
"Despite several issues of importance — national riots, Chinese relations, an ongoing pandemic — the stock market is primarily focused on a single thing: the restart of U.SKanpur Investment. and global economic activities," Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.
"The broader stock market (i.e., small cap stocks, cyclical sectors, international stock markets and emerging stock markets) is increasingly participating more pronouncedly in this rally suggesting the recession is ending," Paulsen added.
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