Wall Street mounts reopening bets
Dow Jones Industrial Average rises 369 points
More states reopening
Connecticut began allowing consumers to dine in at restaurants with outdoor seating on Wednesday, and some shops also began reopening. That move came a day after New York Gov. Andrew Cuomo said the outbreak is back down to where it started. “The next three to six weeks are likely to be important for the financial markets as a majority of states are in the process of reopening their economies to varying degrees,” said Scott Wren of Wells Fargo Investment Institute.
Amazon and Facebook hit records, ‘reopening’ stocks rise
Amazon rose 1.98% to hit an all-time high to lead the market higher. Facebook gained 6.04% and reach record levels as well. Stocks that would benefit from the economy reopening also advanced Wednesday. MGM Resorts closed 8.84% higher while United Airlines rose 5.19%.
What happens next?
Data on weekly jobless claims and monthly existing home sales are set for release Thursday morning.
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www.cnbc.com 2020-05-21 00:47:20