Global  

Stocks soar on growing economic optimism

Video Credit: Reuters Studio - Duration: 02:00s - Published
Stocks soar on growing economic optimism

Stocks soar on growing economic optimism

Wall Street rose sharply on Wednesday, powered by bank and retail shares, as the further easing of lockdowns boosted hopes for an economic recovery.

Conway G.

Gittens has the market action.

0
shares
ShareTweetSavePostSend
 

The stock market powered ahead Wednesday amid more concrete steps to bring America out of the great shut in.

The Dow settled above the 25,000 mark for the first time since early March.

It was the S&P 500's first close above the key 3,000 level since March 5th.

And the Nasdaq turned it around late in the day to also finish higher.

Plans for recreational re-openings are fueling optimism about an economic comeback... But the real catalyst for the market's recent rebound are the pledges by global central banks to do whatever it takes to prop up their economies, says Spartan Capital Securities chief market economist Peter Cardillo.

"The European Union proposed a $821 billion stimulus package which would be a unifying bond by the way and of course the Japanese are preparing to stimulate with massive amounts of money, and of course here in the States, and that's the reason why we have a stock market that's defying the fundamentals at this time." Investors, however believe the prospects for the economy are improving.... The Las Vegas strip has been given the green light by Nevada's governor to reopen next week... And Walt Disney announced plans to re-open Florida's Disney World in July... With states relaxing shelter-in-place orders, investors bet there is pent up consumer demand for shopping.

Shares of retailers closed during the shutdown rallied the most.

Macy's jumped nearly 20 percent in one day.

Gap Inc.

Was up more than 18 percent.

And banks were another major force in Wednesday rally.

Wall Street is betting the group will benefit from a pickup in economic activity.

Citigroup led the pack with an 8-1/2 percent surge on Wednesday, Bank of America and Morgan Stanley were up 7 percent.




💡 One News Page Knowledge: Other News Mentions

Wall Street Wall Street Street in Manhattan, New York

U.S. stock futures flat after mixed day on Wall Street

U.S. stock index futures were little changed Wednesday night, after a mixed day on Wall Street that saw the Nasdaq...
WorldNews

Stocks sink as virus cases jump, forcing states to backtrack

Stocks on Wall Street fell sharply Friday as confirmed new coronavirus infections in the U.S. hit an all-time high, prompting Texas and Florida to reverse course..
WorldNews
Wall Street crushed by rising COVID-19 cases [Video]

Wall Street crushed by rising COVID-19 cases

Stocks had their worst day in nearly two weeks as a spike in COVID-19 cases fueled fears the nascent economic recovery was already in trouble. Conway G. Gittens has the market action.

Credit: Reuters Studio    Duration: 02:09Published
Sanders Losing Battle For Future Of The Left [Video]

Sanders Losing Battle For Future Of The Left

In March, Bernie Sanders lost his second bid for the Democratic presidential nomination. According to the NY Times the George Floyd protests and their cultural repercussions, may have destroyed Sanders entire case for a socialist America. The paper posits that this summer he may lose his battle for the future of the left, his legacy gone up in smoke. Cultural battles, pro business and pro Wall Street programs have over shadowed Sanders "millionaires and billionaires are evil" narrative.

Credit: Wochit News    Duration: 00:37Published
Economic hope, tech love lift Nasdaq to record [Video]

Economic hope, tech love lift Nasdaq to record

Tech stocks continued to outshine the broader market amid widespread hopes the worst is over for the economy. Conway G. Gittens has the numbers.

Credit: Reuters Studio    Duration: 01:40Published

European Union European Union Economic and political union of European states

New Payment System Will Challenge Mastercard And Visa [Video]

New Payment System Will Challenge Mastercard And Visa

As many as 20 major EU banks are set to announce details for a new payments initiative in the very near future. This announcement came from Electronic Payments International. Business Insider reports the system is referred to as the Pan European Payment System Initiative (PEPSI). It will process card payments in addition to making fund transfers and mobile payments without using Mastercard's or Visa's network.

Credit: Wochit News    Duration: 00:30Published

EU threatens escalation in tariff fight over Boeing and Airbus subsidies

The EU says it will act "decisively" if the US imposes new tariffs, escalating a row about aviation subsidies.
BBC News

Croatia’s ruling conservatives win big in parliamentary vote

The ruling conservatives overwhelmingly won Croatia’s parliamentary elections held Sunday amid a spike in new coronavirus cases as the latest European Union..
WorldNews
Brexit briefing: 178 days until the end of the transition period [Video]

Brexit briefing: 178 days until the end of the transition period

The UK left the European Union on January 31. Here we look at the latest figures and key dates in the ongoing Brexit process. Quote from Sarah Hewin, Chief economist at Standard Chartered, speaking to the Financial Times.

Credit: PA - Press Association STUDIO    Duration: 00:48Published

S&P 500 Index S&P 500 Index Stock market index

S&P, Nasdaq rally on vaccination hopes [Video]

S&P, Nasdaq rally on vaccination hopes

The S&P 500 and Nasdaq closed higher Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely. Fred Katayama reports.

Credit: Reuters Studio    Duration: 01:24Published

Stocks end best quarter since 1998

Wall Street capped its best quarter since 1998 Tuesday with more gains, a fitting end to a stunning three months for investors as the market screamed back toward..
WorldNews
Investors are 'in denial': economist [Video]

Investors are 'in denial': economist

Economist Max Wolff of Multivariate thinks the S&P 500 should be trading at 2300 instead of 3150. He tells Reuters' Fred Katayama that investors are ignoring negative news about the rising coronavirus cases and the renewed trade tensions with China.

Credit: Reuters Studio    Duration: 04:24Published
Stocks mostly fall on COVID-19 concerns [Video]

Stocks mostly fall on COVID-19 concerns

The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.

Credit: Reuters Studio    Duration: 01:19Published

Nasdaq Nasdaq American stock exchange


Gap Inc. Gap Inc. American multinational clothing and accessories retailer

Kanye West Partners With The Gap [Video]

Kanye West Partners With The Gap

Kanye West's Yeezy brand is partnering with Gap to create a new clothing line. Business Insider says the line will be called Yeezy Gap. The new collection is for men, women, and children. It will be designed by West and the Yeezy team. Gap did not share the financial details of the deal. It said that Yeezy would earn royalties and potential equity related to sales results through this partnership.

Credit: Wochit News    Duration: 00:32Published

Kanye West to bring Yeezy brand to Gap

Kanye West is bringing his Yeezy brand to Gap. The rap superstar will design adult and kids’ clothing that will be sold at the chain next year. Yeezy...
WorldNews
Gap and Kanye West team up for new clothing line [Video]

Gap and Kanye West team up for new clothing line

Gap and rapper Kanye West announced a 10-year partnership to create a line of clothing under West's Yeezy brand to show up at the Gap starting next year. Conway G. Gittens has the details.

Credit: Reuters Studio    Duration: 01:07Published
Kanye West signs 10-year deal with Gap [Video]

Kanye West signs 10-year deal with Gap

Rapper Kanye West has signed a 10-year deal with American retailer Gap to create Yeezy Gap, a new apparel line for men, women and children.

Credit: Bang Media World    Duration: 00:59Published

Citigroup Citigroup American multinational investment bank and financial services corporation

Protests over police abuses flare again in Mexico [Video]

Protests over police abuses flare again in Mexico

Masked men and women protesting police abuses vandalized buildings and threw stones at the U.S. Embassy in Mexico City on Friday as Mexican state authorities arrested three officers in a bid to quell anger over the death of a man in police custody.

Credit: Reuters Studio    Duration: 00:40Published

Macy's Macy's Department store chain in the United States

Fourth of July fireworks came early to New York thanks to Macy's secret displays

Macy's has staged several secret fireworks displays across New York up until the Fourth of July to keep crowds from gathering during the pandemic.

USATODAY.com

Macy's kicks off July Fourth fireworks series

Macy's department store staged the first of what it says will be several small fireworks displays ahead of July Fourth, on Monday, June 29.

USATODAY.com
Macy’s To Slash 3,900 Corporate Jobs [Video]

Macy’s To Slash 3,900 Corporate Jobs

Macy’s To Slash 3,900 Corporate Jobs

Credit: Wochit News    Duration: 00:28Published
Macy's to slash workforce by 3,900 [Video]

Macy's to slash workforce by 3,900

Macy's announced it would lay off about 3,900 employees in corporate and management positions to help lighten the strain of falling sales due the COVID-19 pandemic. Conway G. Gittens has more.

Credit: Reuters Studio    Duration: 00:56Published
Macy's Planning To Cut 3,900 Jobs [Video]

Macy's Planning To Cut 3,900 Jobs

Business Insider reports that Macy's is laying off about 3,900 corporate jobs. The company said it expects the job cuts to lead to about $365 million in savings for the rest of fiscal year 2020. It estimates the move will save $630 million in 2021. "We know that we will be a smaller company for the foreseeable future. "Our cost base will continue to reflect that moving forward," CEO Jeff Gennette said in a statement.

Credit: Wochit News    Duration: 00:27Published

Bank of America Bank of America American multinational banking and financial services corporation

Kayne Files For New 'Yeezy' Trademark [Video]

Kayne Files For New 'Yeezy' Trademark

Kanye West has applied for a trademark on Yeezy-branded cosmetics. According to Business Insider the filing includes provisions for makeups, creams, hair gels, and even scented pine cones. Companies often file trademarks to protect intellectual property without actually selling products. The move has sparked speculation of a possible Yeezy beauty business. The Yeezy sneaker brand was valued by Bank of America to be worth up to $3 billion on its own in 2019.

Credit: Wochit News    Duration: 00:29Published
Kanye West Has Filed For A Yeezy Cosmetic Trademark [Video]

Kanye West Has Filed For A Yeezy Cosmetic Trademark

Kanye West has applied for a trademark on Yeezy-branded cosmetics. Companies often file trademarks to protect intellectual property without actually selling products. The move has sparked speculation of a possible Yeezy beauty business. The Yeezy sneaker brand was valued by Bank of America to be worth up to $3 billion in 2019. The filings dated June 2nd elaborated on plans for makeup, body glitter, skin creams, and hair products.

Credit: Wochit News    Duration: 00:36Published
Bank of America Is Donating $1 Billion to Fight Racial Inequality [Video]

Bank of America Is Donating $1 Billion to Fight Racial Inequality

CNN Business says the $1 billion will expand upon Bank of America's donations to minority-owned businesses.

Credit: Cover Video STUDIO    Duration: 01:18Published
Wall Street Forecasting Shift Away From Market-dominating Growth [Video]

Wall Street Forecasting Shift Away From Market-dominating Growth

REUTERS Growth stocks have significantly outperformed value stocks over the past decade, but that could change in the short term, according to notes from Goldman Sachs and Bank of America. Over the past two weeks, value stocks have started to outperform growth stocks, and the rotation "could have legs," according to a note from Bank of America published on Tuesday.

Credit: Wochit News    Duration: 00:32Published

You Might Like

Related news from verified sources

US stocks climb on economic reopening hope, oil-price rebound

US stocks climb on economic reopening hope, oil-price rebound · *US stock indexes climbed on Tuesday as gradual reopenings across several states and an extended...
Business Insider - Published Also reported by •Reuters IndiaReuters


Asian Markets Mostly Higher On Economic Recovery Optimism

Asian stock markets, led by Japan, are mostly higher on Tuesday despite the absence of fresh cues...
RTTNews - Published

How major US stock indexes fared Thursday

Stocks closed broadly higher on Wall Street Wednesday amid fresh optimism among investors that the...
Seattle Times - Published


Tweets about this


Related videos from verified sources

Wednesday's Stock Rally Wasn't About Economic Optimism: What Wall Street's Saying [Video]

Wednesday's Stock Rally Wasn't About Economic Optimism: What Wall Street's Saying

Wall Street is still bullish on a second-half 2020 recovery.

Credit: The Street     Duration: 02:09Published
Fedex Earnings Shed Positive Light on the Economic Recovery [Video]

Fedex Earnings Shed Positive Light on the Economic Recovery

For Fedex specifically, the stock rose as the earnings and revenue beat by a large magnitude.

Credit: The Street     Duration: 01:55Published
Equity indices edge lower as virus cases mount, Coal India top loser [Video]

Equity indices edge lower as virus cases mount, Coal India top loser

Equity benchmark indices traded with a bearish bias on Monday amid jittery global cues as coronavirus cases continue to surge across several countries including India. Selling pressure aggravated for..

Credit: ANI     Duration: 01:14Published