Stock market news May 26, 2020
“Dow closes up 500 points, tests 25,000 level, on recovery hopes and vaccine news.
U.S. stocks finished higher Tuesday, but off key levels following a long holiday weekend, as investors were emboldened by fresh coronavirus vaccine news and signs that global economies are crawling back from the pandemic shutdown.
How did benchmarks perform?
The Dow Jones Industrial Average DJIA, +2.16% climbed 529.95 points, or 2.2%, to end at 24,995.11, after trading above 25,000 earlier in the session.
The S&P 500 index SPX, +1.22% rose 36.32 points, or 1.2%, to close at 2,991.77, shy of its 200-day moving average of 2,999.81, according to FactSet data. The 200-day moving average is viewed by market technicians as a dividing line between long-term bullish and bearish trends. Meanwhile, the Nasdaq Composite COMP, +0.16% gained 15.63 points, or 0.2%, finishing at 9,340.22.
The Dow finished the session 15.4% off its all-time closing high in February, the S&P 500 index off by 11.7% and the Nasdaq less than 5% from its record close.
What drove the market?
Investors were focusing on positive signs in the global economy, news of the gradual removal of economic restrictions related to COVID-19 and signs that Americans are beginning to feel safe enough to travel and congregate in larger groups.
“It’s all about optimism for the economy reopening,” said Megan Horneman, portfolio strategist at Verdence Capital Advisors. “That’s the big driver for the market today.”
Stock market closing numbers on May 26, 2020
S&P 500: 2,991.77,+36.32(+1.23%)
Dow 30: 24,995.11,+529.95(+2.17%)
Russell 2000: 1,394.61,+39.07(+2.88%)
Source: Yahoo Finance
Moderna, Inc. (MRNA) stock fell more than 16% closing at 57.71-11.29 (-16.36%). Luckin Coffee Inc. (LK) stock gained more than 50%, with a stock price at close of 2.1300+0.7400 (+53.24%).
Stocks that were top gainers, top losers and most active:
Emerald Holding Inc. (EEX): 2.77,+0.74 +36.45%
iMedia Brands Inc. (IMBI): 3.35, +0.87 +35.08%
arGEN-X SE ADR (ARGX): 212.12,+54.16 +34.29%
Hertz Global Holdings Inc. (HTZ): 0.56,-2.29 -80.46%
LATAM Airlines Group S.A. ADR (LTM): 1.68 -0.90 -34.88%
BioLine RX Ltd. ADR (BLRX): 1.65 -0.74 -30.96%
Most active stocks
Hertz Global Holdings Inc. (HTZ): 0.56 -2.29 -80.46%
General Electric Co. (GE): 6.80, +0.39 +6.08$
Bank of America Corp. (BAC): 24.28 +1.62 +7.15%
Stock market source: https://www.wsj.com/market-data/stocks
Stock Market, U.S. Sectors & Industries Performance
Financials were the best performing sector +5.04%, Health Care was the worst-performing sector -0.19%.