The market closed yesterday after notching its best quarter since 1987.
The New York Stock Exchange (NYSE) showed remarkable resilience after enduring a historic sell-off triggered by the coronavirus. The Dow gained nearly 18% in the second quarter. The S&P 500 also enjoyed an approximate 20% gain. The NASDAQ rose 31%. (CNBC)
In after-hours trading Tuesday, FedEx jumped nearly 9% after posting quarterly earnings and revenue that topped analysts’ forecast. The shipping company experienced a surge in deliveries amid the coronavirus lockdown.
While the market bounced sharply from its March lows, the recent spikes in coronavirus cases in some states kept investors on edge. White House health advisor Dr. Anthony Fauci warned Tuesday that if the outbreak continues at its current pace, daily new cases could surpass 100,000 new infections per day.
So far, more than 12 states have now paused or rolled back their reopenings as cases in the U.S. jumped 40% over the past week to an average of about 39,750 on Monday, according to a CNBC analysis of data compiled by Johns Hopkins University.
“We continue to expect it to be an uneven process, albeit with a positive trajectory,” Keith Lerner, chief market strategist at SunTrust Advisory Services, said in a note. “The good news is through this digestion period, markets are working off some of the excesses that had built up, and elevated expectations are being reset.”