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U.S. Stocks Rise With Virus Spread Tempering Gains: Markets Wrap

  • Nasdaq Composite hits record high, in 8th straight gain
  • Cases increase in hotspots, threatening economic growth
Bloomberg business news
Full Economic Impact of Crisis Is Still Uncertain, Fidelity Says
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U.S. stocks rose for a second day, but faded into the close as concern mounted that a spike in virus cases in some states could curtail economic activity. Gold rallied to its best level since 2012.

The S&P 500 jumped as much as 1.2% before paring the gain by two-thirds on reports that spiking cases in several hotspots in the South and Southwest threatened to derail plans to ramp up reopening. The Nasdaq Composite hit an all-time high, with investors keying on signs of continued economic growth and the idea that any setback will be met with increased government spending and Federal Reserve moves.