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Wall Street climbs on coronavirus stimulus hopes, as S&P, Nasdaq hit multi-month highs

by REUTERS

NEW YORK May 20, 2020 - 11:13 pm GMT+3
A view of a sign for Wall Street and the New York Stock Exchange in New York, New York, USA, 20 May 2020. The New York Exchange is set to reopen its trading floor next week after being closed since March due to the coronavirus pandemic. (EPA Photo)
A view of a sign for Wall Street and the New York Stock Exchange in New York, New York, USA, 20 May 2020. The New York Exchange is set to reopen its trading floor next week after being closed since March due to the coronavirus pandemic. (EPA Photo)
by REUTERS May 20, 2020 11:13 pm
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The three major averages on Wall Street notched their fourth gain in five sessions on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve.

The S&P 500 stands at a two-month high and was briefly above its 100-day moving average, a closely watched technical indicator that has acted as a resistance level. The Nasdaq finished at its highest close in three months and was less than 5% below record levels, as shares of Facebook Inc and Amazon.com Inc surged to all-time highs.

Gains were broad-based. The small-cap Russell 2000 index , which usually leads gains out of a recession, outperformed the large-cap indexes.

Minutes from the Federal Reserve's most recent policy meeting showed the central bank pledged to act as appropriate to support the economy until it is on track to recovery, a sentiment that Fed Chair Jerome Powell has voiced in recent days.

"We have way lower interest rates for the foreseeable future, so that effects the multiple that we have to buy discounted stocks at," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. "And if you give yourself a little bit more time, is it crazy to think everything is going to come back in two years and you are going to hold it three to five years?"

Still, with economic data likely to be dismal in the coming weeks, there is concern that stocks may have gotten ahead of themselves, with the S&P up nearly 33% from its March 23 closing low.

Unofficially, the Dow Jones Industrial Average rose 1.52% to end at 24,575.9 points, while the S&P 500 gained 1.67%, to 2,971.61. The Nasdaq Composite climbed 2.08% to 9,375.78.

Lawmakers in the U.S. House of Representatives plan to vote next week on giving small businesses more time to utilize their coronavirus aid under the Paycheck Protection Program, House Speaker Nancy Pelosi said on Wednesday.

As states across the country begin to loosen restrictions, hopes for an economic rebound have grown. The NYSE Arca airlines index jumped as Delta Air Lines Inc's chief executive officer said he was confident travel will return in the next 12 to 18 months.

Target Corp shares declined after the big box retailer reported a 64% plunge in quarterly profit, as costs related to the coronavirus outbreak outweighed a surge in online sales.

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Newly appointed Finance Minister Mehmet Şimşek attends a handover ceremony in Ankara, June 4, 2023. (Reuters File Photo)

Transparency, predictability to guide Türkiye's economy: Şimşek

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