Stocks Rise Slightly, Dow Up 100 Points As Reopening Of The Economy Continues

TOPLINE

The market opened slightly higher on Tuesday as Wall Street keeps looking ahead to a reopening of the economy, with some states continuing to lift coronavirus lockdown orders.

KEY FACTS

Crucial quote

Stocks are once again “demonstrating impressive resiliency,” moving slightly higher despite “hardly any major macro news” to spur a rally, says Adam Crisafulli, founder of Vital Knowledge. He says that while “it’s certainly encouraging that business conditions appeared to have troughed in early April,” the declines compared to last year “remain enormous and it will be some time before trends return to pre-crisis levels.”

Tangent

“It’s been a rough year for the banks,” according to Bespoke Investment Group. “Despite coming into this crisis much better capitalized than they were during the last, the sector still hasn’t been able to avoid the pain.” Banks are down about 40% so far in 2020, which is worse than any other industry group in the S&P 500, the firm’s data shows.

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