Stocks Open Strong

Stocks Open Strong

( – On Tuesday morning, the stock market opened with highs not seen in months and a third of traders returned to the New York Stock Exchange for the first time since it closed down on March 23. At one point, the DOW was up 605 points. As of 12:40 pm, the market was up nearly 567 points since opening, slightly down from the early high.

The market is reacting optimistically about the reopening of the economy. Investors are also watching several biotech companies that are developing vaccines to combat COVID-19. Novavax reported it’s starting the first human study and expects results in July. Last week, Moderna reported positive news on its vaccine trial.

As long as a vaccine seems within reach, COVID-19 remains contained, and people start spending more and contribute to the economy, there’s a chance for a bull market. That would be great news for those with 401(k)s who rely on the stock market to fuel the growth of retirement accounts.

In addition, the Conference Board released data showing that its consumer confidence index jumped from 85.7 in April to 86.6 in May. Home sales also beat estimates in April as single-family home purchases increased by 623,000 last month.

So far, it’s looking up. Here’s hoping the upward trend continues.

~Here’s to Your Prosperity!

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