Equity markets charged higher for a third straight day on Thursday as investors seemed unfazed by the release of historic initial jobless claims while the Senate passed a massive economic stimulus bill amid the coronavirus outbreak, which it is set to vote on tomorrow.
The Dow Jones Industrial Average rocketed more than 1,100 points, or 5.4% led by a plethora of companies, including Apple, which is up over 3% today. The S&P 500 has bounced another 4.8% while the Nasdaq Composite climbed 4.1%. Those gains continued the Dow and S&P 500 on the path for a three-day winning streak, as the Nasdaq finished in the red Wednesday. They also put the indices up about 20% over the past three days.
Stock Index ETFs are also continuing to move higher, with the SPDR S&P 500 ETF Trust (SPY) up 4.75%. The SPDR Dow Jones Industrial Average ETF (DIA) has climbed a solid 5.50%, and the Invesco QQQ Trust (QQQ) is up 3.6%.
Markets first stumbled off of a close to 40% drop on Monday, closing just off the lows before commencing a massive run Tuesday, where the Dow soared more than 2,100 points on Tuesday, or over 11%, notching its biggest one-day percentage gain since 1933 and its best point increase ever. The S&P 500 rallied 9.4% for its best day since October 2008 on Tuesday as well. The market action continued for a second green day Wednesday before falling off into the close.
“From a market perspective … it feels like we’re coming to the end of it,” said Michael Novogratz, CEO of Galaxy Digital, on CNBC’s “Squawk Box.” Novogratz started buying into this market on Monday, he said. “It doesn’t necessarily mean the market’s going to go up, but a lot of that crazy volatility is kind of coming out.”
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