Stocks Surge on Fed Comments

The stock market is getting a nice bounce today. The S&P 500 is back above 2,900. The closing high post-March 23 low was 2,939.51 from April 29. So far today, the index has been as high as 2,443. So we may close at a multi-week high today.

Last night on 60 Minutes, Fed Chairman Jay Powell made some reassuring statements. Here’s an example:

PELLEY: Has the Fed done all it can do?

POWELL: Well, there’s a lot more we can do. We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot. No, there’s really no limit to what we can do with these lending programs that we have. So there’s a lot more we can do to support the economy, and we’re committed to doing everything we can as long as we need to.

You can see the complete text of the interview here.

May of the stocks that had been getting knocked around are doing quite well today. Disney (DIS) is doing especially well today. The shares have been up as much as 9.3%. Trex (TREX) is at a new high.

Moderna (MRNA) is up about 25% today on promising news for a vaccine.

Posted by on May 18th, 2020 at 10:26 am


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