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U.S. Stocks Power Higher on Economy Optimism: Markets Wrap

  • Value stocks outperform with investors seeing reopening
  • Tension with China simmers, adding to pressure on tech
Bloomberg business news
Market Is Too Positive on Economy, Not Disconnected: BlackRock’s BoivinSource: Bloomberg
Updated on

U.S. stocks advanced for a third day on rising optimism the pandemic’s damage to the economy has peaked. Treasuries rose and oil slipped.

The S&P 500 climbed to an 11-week high, holding above 3,000 points and its average price for the past 200 days, technical levels considered key by chart watchers. For a second day, stocks most punished by the effects of the economy shutting, from Carnival Corp. to United Airlines, performed best as investors anticipate a sharp uptick in spending on non-essential goods and services. Stay-at-home beneficiaries from Peloton Interactive to Zoom Video Communications fell.