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S&P 500 posts record high on strong economic data, ebbing virus fears
The benchmark S&P 500 posted a record closing high on Wednesday as U.S. stocks rallied for a third straight day on encouraging U.S. economic data and waning fears of the financial fallout from a virus out of China.
And then there's TSLA!! Which suffered its biggest one-day drop ever. Cyclicals are almost back to pre-virus levels. Treasury yields extended their rise (but note the jump in yields occurred on the vaccine headlines at 3amET not the ADP or ISM data). 30Y Yields rose to fill the gap from the major virus drop. PMs drifted lower today as the dollar gained but copper and crude rallied on vaccine hopes. WTI was higher for only the 2nd time in 12 sessions on a surprise gasoline draw and chatter from OPEC+ of more cuts (but we note oil went out weak)
The Dow Jones Industrial Average .DJI rose 483.02 points, or 1.68%, to 29,290.65, the S&P 500 .SPX gained 37.12 points, or 1.13%, to 3,334.71 and the Nasdaq Composite .IXIC added 40.71 points, or 0.43%, to 9,508.68.
https://www.reuters.com/article/us-usa-stocks/sp-500-posts-record-high-on-strong-economic-data-ebbing-virus-fears-idUSKBN1ZZ1SX
https://finance.yahoo.com/quote/%5EGSPC
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart
https://www.zerohedge.com/markets/record-surge-global-virus-cases-sparks-panic-bid-stocks-all-time-highs