Stocks rally again as new COVID-19 cases show signs of slowing

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All major indices rose Wednesday, led by the Dow Jones Industrial Average, which increased 3.44% to close above 23,000 for the first time since March 13.

Investors seemed heartened by comments made by National Institute of Allergy and Infectious Diseases Director Anthony Fauci, who said Wednesday that the U.S. death count from COVID-19 is lower than initially modeled thanks. He warned that the death count will continue to climb even as new cases slow.

The action Wednesday followed rallies earlier this week. Still, it should be noted that the Dow Jones Industrial Average still closed below yesterday’s high of 23,537.44, suggesting that this could be a bear market run.

Here’s the breakdown at closing:

  • Dow Jones rose 3.44%, or 779.71 points, to close at 23,433.57
  • S&P 500 increased 3.41%, or 90.57, to close at 2,749.98
  • NASDAQ popped 2.58%, or 203.64 points, to close at 8,090.90

Equities were also buoyed by oil prices and news that Democratic presidential candidate Bernie Sanders, whose policies fueled concerns about higher taxes, was dropping out of the race.

The transportation saw a bump today. Uber rose 4.66% to close at $26.94. That’s still more than 34.7% below this year’s high of $41.27 reached in February. Meanwhile, Lyft also saw shares rise 7.78% to close at $29.64. Again, it’s the same story as Uber. Lyft’s share price is still off — about 45% — from the year-to-date highs.

Among today’s leaders were airlines, which have been one of the harder hit industries in this COVID-19 era. United led the pack with a 12.38% bump to close at $27.51, followed by American Airlines and Delta, which rose 109.% and 4.4% respectively. Tesla had a volatile day that ended nearly where it began, with a 0.62% increase to close at $548.84.

Automakers also saw shares rise. GM shares rose 8.59% to close at $23.13, while Ford increased 6.59% to $5.03 and Fiat Chrysler Automobiles closed up 3.15% to $7.86 a share.

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