June 8, 2020

June 8, 2020

Stocks moved higher to begin the week as investors remain optimistic about the reopening of the economy. In economic news, 2.5 million new jobs were added in May, the largest increase ever recorded.

 

Dow Jones +460 at 27,572

S&P 500 +38 at 3,232

NASDAQ +111 at 9,925

 

The 10 Year Treasury closed down 2 basis points yielding 0.88%

Oil prices closed down $1.34 ending at $38.21 a barrel

Gold prices closed up $23 ending at $1,706 an ounce

 

The days’ stock news:

  • Shares of travel companies like United, Delta, Expedia, and Carnival all moved over 8% higher as lockdowns continue to ease and demand increases.
  • Amazon shares increased about 2% after RBC Capital raised its price target to $3,300 per share, saying that online retail is a structural winner resulting from the Covid-19 pandemic and that Amazon is the best company in that category.
  • Dunkin’ Brands was upgraded at KeyBanc, which noted good execution by the restaurant chain during the pandemic positions it well to benefit as states reopen.

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