STOCK MARKET WATCH - Tuesday, 2 June 2020

[Tansy_Gold]

STOCK MARKET WATCH, Tuesday, 2 June 2020

Previous SMW:
SMW for 1 June 2020




AT THE CLOSING BELL ON: 1 June 2020


Dow Jones 25,475.02 +91.91 (0.36%)
S&P 500 3,055.73 +11.42 (0.38%)
Nasdaq 9,552.05 +62.18 (0.66%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits
Yahoo International
CNN Money Premarket

(click on links for latest updates)

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Currencies:







Gold & Silver:



Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

[tclambert]

1. Am I reading this right? The stock market was up on Monday?

Over 100,000 dead of a pandemic, tens of millions unemployed, and literal rioting in the streets, yet the stock market goes up?

Well, then I guess everything must be A-okay.

[Warpy]

2. Not up far enough to make a difference

and futures tonight are down so far.

If they thought Covid was bad for business, wait until what Dumdum declaring war against more than half the country does!

[progree]

3. The S&P 500 left correction territory for the first time since Feb., it closed Monday at 3056

down 9.7% from the all time high of 3386 reached February 19. Correction territory is 10% to 20% down, Bear markets are 20% and more down. At less than 10% down, we're in "pullback" territory now (pullback territory is between 5% and 10%).

The S&P 500 first closed above 3056 (the Monday close level) on 11/1/2019, so only investors in an S&P 500 index fund who put money in on or after that date (7 months ago) have lost any money (and ignoring dividends).

I don't understand it, I'm still waiting for the Wiley E. Coyote moment, maybe when 2nd quarter earnings start being announced, which is a ways away.

But almost unlimited federal spending and bond - buying (IOW lending $trillions to corporations) is boosting the market. Plus yields on the alternatives to stocks: bonds and other fixed income investments, are piddling. So people with money to invest just throw up their hands and buy stocks / stock funds.

And as always, the market is forward-looking. Dropping Covid19 cases and deaths, and businesses opening up is what people are seeing happening now.