Stocks rose sharply as investors bet on state economies reopening.
 | WED, MAY 20, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | MSFT | 185.66 | +2.54 | +1.39% | | INTC | 63.10 | +2.81 | +4.66% | | AAPL | 319.23 | +6.09 | +1.94% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 6.42 | +0.21 | +3.38% | | F | 5.49 | +0.19 | +3.58% | | NCLH | 12.78 | +0.35 | +2.82% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | UAL | 24.91 | +1.23 | +5.19% | | AMD | 56.39 | +0.92 | +1.66% | | FB | 229.97 | +13.09 | +6.04% | |
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Optimism knows no bounds for shares of Facebook and Amazon, which both hit new highs Wednesday. It's as if those two companies were built for a pandemic, offering touch-free interactions and e-commerce for a stay-at-home nation. Facebook rose more than 6% after the social network launched a new e-commerce feature for small business, Facebook Shop. Deutsche Bank analysts called it a $30 billion revenue opportunity, but Facebook positioned it more altruistically. "We hope these tools can relieve some of the pressure small businesses are facing right now and help businesses of all sizes prepare for the future," a Facebook statement read.  Stocks rallied on Wednesday as states continued to reopen their economies. And Tom Lee, co-founder of Fundstrat Global Advisors, made a bold call that the S&P 500 will hit a new high of 3,450 this year. "Companies in the midst of the shutdown aren't standing still," he said on CNBC's "Halftime Report." "They're reengineering their operations, learning how to be more digital, and run with fewer employees and less real estate. So in 2021 they're going to generate higher earnings on a lower level of sales." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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