The stock market continued to rally today amid hopes for a faster than expected economic recovery, with the S&P 500 turning positive for the year and fully recouping its losses from the coronavirus sell-off in March by skleb1234
The S&P 500 rose 1.2%—turning positive for the year—on Monday while the Dow Jones Industrial was up 1.7%, around 450 points, and the tech-heavy Nasdaq hit a new record high, gaining 1.1%.
The market broke back above a crucial milestone, with the S&P 500 having now fully recovered its losses from the coronavirus sell-off earlier this year.Stocks got a after the biggest monthly job gains on record: The U.S. economy surprisingly added 2.5 million jobs in May, versus an expected loss of over 8 million jobs.last month, which beat estimates of 19.5%, according to the Labor Department.
The market has continued to move higher in recent weeks thanks to growing optimism about reopening the economy—and the latest jobs data is athat the economy is beginning to recover from months of damage caused by business shutdowns during the coronavirus pandemic. Stocks that would benefit from a reopening, including airlines, casinos, cruise operators, banks and some retailers, have continued to rally as investors rotate out of “stay-at-home” stocks.The market hit a low point on March 23 amid widespread lockdowns due to the coronavirus pandemic: The S&P fell by up to 30%, the Nasdaq by up to 25% and the Dow by as much as 34% earlier this year. But stocks have so far had a strong start in June, building on back-to-back monthly gains.
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