The S&P 500 has jumped nearly 23% in the last two and a half weeks, building on earlier gains driven by massive amounts of aid promised by governments and central banks for the economy and markets.The death toll continues to rise, millions of people are still losing their jobs by the week and the economic pain is worldwide. France’s central bank said its economy entered a recession with a 6% drop in the first three months of the year.
The S&P 500 climbed 90.57 points, or 3.4%, to 2,749.98. For some investors, its rally of more than 20% since March 23 means a new “bull market” has been born. Others, though, want to see the gains hold for six months before confirming a new bull market. Shares of health insurers and other stocks got an extra boost after Bernie Sanders suspended his presidential campaign. Investors had been wary of Sanders’ proposal of “Medicare For All” and other plans that could have restricted profits.Another bounce came in the afternoon after the Federal Reserve released minutes from its meeting last month, where it slashed short-term interest rates back to nearly zero.
In Europe, stocks dipped after finance ministers clashed over a proposal to collectively combat the health crisis. Asian markets ended mixed.
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