Stocks Have Best Day in Months

By:
Chris Gaetano
Published Date:
May 28, 2020
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Major stock indices are higher than they've been since the start of the crisis. As of 1:22 p.m., the Dow Jones Industrial Average was up 164 points, the S&P 500 had gained 28 points, and the Nasdaq had climbed 101 points.

Bloomberg noted that, with the current figures, stocks are now where they were in early March, before widespread lockdowns began in the United States. Traders seem to be reacting to the recent jobs report as good news, given that even as millions more have applied for benefits, the insured unemployment rate was slightly down. This, among other indicators, is seen as a sign that the worst of the economic damage is over and that the country's economy will swiftly recover.

It is unknown, then, how they are factoring in the recent Fed report saying the exact opposite, the Commerce Department report saying GDP contracted more than expected, or news that major bankruptcies have reached levels not seen since 2009.

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