Global  

Stock rally takes a pause as new COVID-19 cases spike

Video Credit: Reuters Studio - Duration: 01:47s - Published
Stock rally takes a pause as new COVID-19 cases spike

Stock rally takes a pause as new COVID-19 cases spike

The Dow and S&P 500 snapped three-day winning streaks as a surge in new coronavirus cases in several states gave investors a reason to pause.

Conway G.

Gittens has the wrap.

0
shares
ShareTweetSavePostSend
 

It was time for a break on Wall Street after a three-day run up.

Investors were coaxed Wednesday into sitting on the sideline as the number of new cases rise sharply in about six U.S. states where stay-at-home restrictions have been relaxed, as hospital numbers spike in six states where stay-at-home restrictions have been relaxed.

The Dow and the S&P posted modest losses, while the Nasdaq managed to hold a small gain.

The cautious tone overshadowed another round of upbeat news on the economy.

Applications for new mortgages surged to 11-1/2 year highs, new housing construction projects bounced higher in May and permits for future projects suggest robust activity to come.

It's news like that - which has helped stocks rally 40 percent since March - that will likely support further moves higher, says Summit Place Financial Advisors President Liz Miller.

"The biggest question of everyone is 'wow this market has come back very strong.

Has it come back too strong?

Is it too far ahead of itself?'

Well I think the market is giving us short-term results.

The market is reflecting the optimism that is coming out of these data points, showing us that investors and consumers are very optimistic and anxious to get our economy going again.

And that's going to get us a good part of the way there." But in a reminder there are still companies struggling out there... Hertz is pulling a planned sale of $500 million worth of new stock.

The bankrupt car rental company came under fire from the U.S. Securities and Exchange Commission for planning to take on new investors at the same time it is in bankruptcy court.

Cruise stocks were docked.

Norwegian Cruise Lines extended a suspension on any voyages through September.

The stock was down roughly 8 percent.

Carnival Corp and Royal Caribbean were down as well.




💡 One News Page Knowledge: Other News Mentions

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

S&P 500 trades above record

Stocks marched broadly higher on Wall Street on Wednesday, briefly nudging the S&P 500 above its all-time closing high set in February, before the coronavirus..
WorldNews
Legendary Analyst Says S&P 500 Won't Go Up Much More [Video]

Legendary Analyst Says S&P 500 Won't Go Up Much More

Legendary analyst Byron Wien said the bear market and recession are over. Wien told Bloomberg news the S&P 500 may climb slightly higher but it will not be making any "major strides upward" this year. Byron is the vice chairman of Blackstone Private Wealth Solutions said the S&P 500 is "fully priced." He also applauded US technology companies for their creativity. According to Business Insider Wien said the US should be a manufacturer as well as an innovator to compete globally.

Credit: Wochit News    Duration: 00:30Published

Stocks rise on Wall Street; S&P 500 within 1% of record

U.S. stock indexes closed mostly higher Monday, nudging the S&P 500 within striking distance of its all-time high set in February. The S&P 500 rose 0.3% after..
WorldNews
Dow, S&P rise; value outperforms [Video]

Dow, S&P rise; value outperforms

The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a U.S. fiscal support bill. Fred Katayama reports.

Credit: Reuters Studio    Duration: 01:30Published
Goldman Sachs Raises 2020 Earnings [Video]

Goldman Sachs Raises 2020 Earnings

On Friday, Goldman Sachs lifted its 2020 S&P 500 earnings-per-share estimate. The move comes after better-than-expected second-quarter results. Business Insider reports that Goldman expects 2020 S&P 500 EPS of $130, from $115. That's about 21% lower than 2019. Goldman also thinks S&P 500 earnings will surge 30%, to $170 per share in 2021. The estimate is tied to Goldman's economic growth outlook.

Credit: Wochit News    Duration: 00:33Published

Dow Jones Industrial Average Dow Jones Industrial Average Stock market index

Dow Jumps 270 Points [Video]

Dow Jumps 270 Points

On Wednesday, US stocks rose. Investors reacted to positive coronavirus vaccine news. Shares of Moderna spiked after President Trump announced the US government will by 100 million doses of its coronavirus vaccine. Tesla shares jumped after the company announced a five-for-one stock split. Oil prices climbed after a report suggested that American crude stockpiles shrank last week.

Credit: Wochit News    Duration: 00:25Published
Dow Leaps 300 Points [Video]

Dow Leaps 300 Points

On Monday, US stocks climbed 300-points. Investors warmed to President Donald Trump's weekend stimulus orders against China tensions and new coronavirus cases. On Saturday, President Trump signed executive actions extending coronavirus aid after Congress failed to come to an agreement last week. US-China tensions escalated when China imposed fresh sanctions on several members of Congress over Hong Kong.

Credit: Wochit News    Duration: 00:32Published

Twitter, TikTok have had preliminary talks about merger: Dow Jones

Twitter Inc. has held early talks about a potential combination with TikTok, the Chinese-owned video-sharing app that the Trump administration has declared a..
WorldNews
Nasdaq surges on megacap earnings [Video]

Nasdaq surges on megacap earnings

The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar. Fred Katayama reports.

Credit: Reuters Studio    Duration: 01:27Published

Wall Street Wall Street Street in Manhattan, New York

Canadian dollar pares gains as Wall Street stumbles ahead of record high

Read full article A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto Fergal SmithAugust 11, 2020,..
WorldNews

Wall Street pours cold water on Trump's economic aid plan

The executive actions signed by President Donald Trump are unlikely to provide as much stimulus to the economy as he hopes, say analysts. ......
WorldNews
BoA: Reasons To Buy Discount Store Stocks [Video]

BoA: Reasons To Buy Discount Store Stocks

Business Insider reports that banks' and tech giants' earnings largely impressed Wall Street. Bank of America says discount stores are set to post similarly positive results, according to Bank of America. BoA analysts expect the sector's second-quarter figures to hold strong thanks to rising food sales and improvement in general merchandise revenue. Thanks to momentum in higher-profit categories and successful online operations Walmart, Target, and Dollar Tree are in good positions.

Credit: Wochit News    Duration: 00:50Published

Nasdaq American stock exchange

Why This Nasdaq-Listed Company Is Going All-In on Bitcoin

Bitcoin has become a popular investment vehicle amongst retail and institutional investors, but it is also becoming a reserve asset for some companies. Per an..
WorldNews

12/5: CBSN AM

Deadly shooting at Pearl Harbor naval shipyard; ViacomCBS rings NASDAQ opening bell
CBS News
Record high for Nasdaq; vaccine hopes fuel binge [Video]

Record high for Nasdaq; vaccine hopes fuel binge

Stocks rallied on Monday with the tech-heavy Nasdaq leading the pack as stay-at-home tech stocks and biotech companies working on COVID-19 vaccines powered ahead. Conway G. Gittens has the details.

Credit: Reuters Studio    Duration: 01:55Published

U.S. Securities and Exchange Commission U.S. Securities and Exchange Commission Government agency overseeing stock exchanges

College football updates: Focus shifts to SEC, ACC and Big 12 after Big Ten, Pac-12 moves

After the Big Ten and Pac-12 announced they would not be playing college football this fall, the focus shifts to the SEC, ACC and the Big 12.

USATODAY.com

Airbnb is close to filing for IPO, sources say

Airbnb Inc. plans to file paperwork for a stock market listing in the next few weeks paving the way for its shares to start trading as soon as the fourth..
WorldNews

1.18 million Americans filed for unemployment last week

1.18 million Americans filed new claims for unemployment last week as the government continues to struggle with a second coronavirus stimulus package. Norm..
CBS News

SEC investigating hotels criticized for taking Paycheck loans

Hotel group run by Dallas entrepreneur Monty Bennett faces securities probe over "related-party transactions."
CBS News

SEC reportedly zooms in on Kodak loan disclosure

Stock surge followed by announcement of lucrative pharma deal reportedly prompts SEC investigation into inside trading
CBS News

The Hertz Corporation The Hertz Corporation American car rental company

Hertz Stock Tanks 25% [Video]

Hertz Stock Tanks 25%

On Monday bankrupt car-rental company Hertz filed to sell up to $500 million in new shares. Business Insider reports the stock fell nearly 25% in premarket trading Monday. The move comes just after Hertz shares surged nearly 70% Friday when the company won bankruptcy court approval to sell up to $1 billion in new shares. Hertz warned the new common stock could "ultimately be worthless" due to their bankruptcy proceedings.

Credit: Wochit News    Duration: 00:22Published

Norwegian Cruise Line Norwegian Cruise Line American cruise line

Norwegian CEO: Relaunch will take six months; fleet will 'return in earnest' in spring 2021

Frank Del Rio, CEO of Norwegian Cruise Line's parent company, says ships will start out at 50-60% capacity but that demand for 2021 is already strong.

USATODAY.com
Stock For Cruise Lines Sell Off [Video]

Stock For Cruise Lines Sell Off

On Wednesday, Cruise line stocks tumbled. The fall came after Norwegian Cruise Lines announced it would be extending its suspension of cruise trips through September 30. Business Insider reports that initially Norwegian announced it would suspend trips through June 30. The extension of Norwegian's suspension of cruise voyages has put pressure on cruise line stocks. Norwegian fell 10%, and Carnival and Royal Caribbean fell 7% each.

Credit: Wochit News    Duration: 00:31Published

Royal Caribbean International Cruise line brand founded in Norway and based in Miami, Florida, US

COVID-19 testing 'very likely' when Royal Caribbean returns to cruising, executive says

Royal Caribbean Group is considering coronavirus testing as part of its plan to resume sailing, a company executive said.

USATODAY.com

You Might Like

Related news from verified sources

Oil Prices Fall Back Below $40 On New COVID Fears

Oil prices have fallen below $40 as the U.S. sees a record spike in COVID-19 cases and fears of...
OilPrice.com - Published

The Oil Price Rally May Have Gone Too Far

Oil prices are set for their first weekly loss in over a month as a jump in COVID-19 cases threaten...
OilPrice.com - Published

Stock markets mostly down as new virus cases temper reopening

Hong Kong (AFP) June 22, 2020 Markets mostly fell Monday as investors kept a nervous eye on a...
Energy Daily - Published


Tweets about this


Related videos from verified sources

Bull run continues on bourses, IT stocks lead the rally [Video]

Bull run continues on bourses, IT stocks lead the rally

Equity benchmark indices closed over 1 per cent higher on Monday following handsome gains by IT stocks while Asian markets continued to flounder amid a spike in global coronavirus cases. At the closing..

Credit: ANI     Duration: 01:30Published