Today is all about optimism–forget plunging oil prices, uncertain earnings, or a first quarter drop in GDP– for an upturn in the economy as more states–Colorado is newest to climb on board–re-open parts of their economies. Today, at least, no one is worried, either, about a lack of testing or that some states–Georgia comes to mind–are re-opening without seeing a sustained drop in infections.
As of 1:30 p.m. New York time today, April 27, the Standard & Poor’s 500 is up 1.22% and the Dow Jones Industrial Average is ahead 1.09% Â The NASDAQ Composite was higher by 0.92% and the Russell 2000 zoomed by 3.82%, The iShares MSCI Emerging Markets ETF (EEM) rose 1.6%.
You can see reopening optimism in the list of the day’s winners. For example, Restaurant Brands International (QSR) was up 2.14% and Shake Shack (SHAK) had gained 3.43%. MGM Resorts International (MGM) was a whopping 10.33% ahead on optimism that Las Vegas would open for business sooner rather than later.
On the other side of the ledger, Netflix (NFLX), everyone’s favorite “shelter at home and watch streaming video” stock was down 0.42%.
Risk hedges gold and silver were down 0.79% and 0.81%, respectively. The yield on the 10-year Treasury rose 4 basis points to 0.64% as Treasury prices fell.
The dollar dropped with the spot dollar index (DXY) falling 0.26%.
