S&P 500 extends gains in broad-based rally
The S&P 500 is up 3.8% and trading at session highs, which also brings it above with yesterday's high, at around the 2570 level. It remains a broad-based rally rooted in 1) relief that the Senate passed its stimulus bill last night, although that was to be expected; 2) opportunity that long-term investors see at these lowered valuations; and 3) fear of missing out on further gains in which the S&P 500 is up nearly 12% this week. Perhaps there is some optimism in the economic outlook, too, in that the economy could reopen sooner than expected due to the shutdowns, and social distancing, efforts to slow the rate of coronavirus infections. That would dramatically help bring down the record number of jobless claims reported over the last week.