Dow Surges Almost 460 Points Amid Mounting Optimism

'The economic damage isn’t going to be as dire and severe as was initially predicted'
By Newser Editors and Wire Services
Posted Jul 6, 2020 3:48 PM CDT
Dow Surges Almost 460 Points Amid Mounting Optimism
A woman wearing a face mask stands in front of a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, July 6, 2020. Asian stock markets rose Monday as investors looked ahead for data they hope will support optimism about a global economic recovery.   (AP Photo/Vincent Yu)

(Newser) – Stocks closed broadly higher on Wall Street Monday, reflecting investor optimism that the economy can continue its turnaround despite all the challenges ahead of it. Technology companies accounted for a big slice of the gains, which helped to push the Nasdaq to another all-time high, the AP reports. Only utilities lagged. Dealmaking lifted shares of Uber and Berkshire Hathaway. The S&P 500 rose 49.71 points, or 1.6%, to 3,179.72. The Dow Jones Industrial Average gained 459.67 points, or 1.8%, to 26,287.03. The Nasdaq climbed 226.02 points, or 2.2%, to 10,433.65, a new record.

Treasury yields also climbed in a signal of rising optimism after reports detailed improvements in the US and European economies. They’re the latest buoyant moves for markets, where investors are focusing more on recent improvements in the economy and all the stimulus that central banks and governments are supplying than on how much pain still remains. Investors are also continuing to sidestep the mounting number of known coronavirus infections, at least for now. "The economic damage isn’t going to be as dire and severe as was initially predicted," says Peter Essele, head of portfolio management for Commonwealth Financial Network. "That helps explain the rebound."

(Read more stock market stories.)

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