Stocks were higher Monday as investors weighed rising coronavirus case numbers.
 | MON, JUN 22, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | BA | 188.52 | +1.50 | +0.80% | | AAPL | 358.87 | +9.15 | +2.62% | | MSFT | 200.57 | +5.42 | +2.78% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAL | 14.92 | -1.08 | -6.75% | | GE | 7.04 | -0.11 | -1.54% | | F | 6.28 | +0.05 | +0.80% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 14.92 | -1.08 | -6.75% | | UAL | 36.54 | -0.30 | -0.81% | | AMD | 54.76 | +0.53 | +0.98% | |
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The stock market's plunge in the coronavirus shutdown was terrifying and its swift recovery was difficult to believe, which explains why a lot of investors clung to the safety of money market funds. CNBC's Jesse Pound writes that money market funds peaked during the week of May 13 at $4.672 trillion, surpassing the apex during the 2008 financial crisis. Extreme volatility scared off investors who then missed out on the market rebound, said Ryan Detrick, senior market strategist at LPL Financial. "When you have bear markets like we just had, it could shell-shock investors, potentially for years," he said.  Stocks closed higher on Monday after posting gains in four of the past five weeks. Investors continue to weigh progress on the reopenings of state economies and an accompanying rise in coronavirus cases. The S&P 500 is up more than 40% since March 23 and strategists say it may not have much further to rise, given the often-confounding data from the ongoing pandemic. "Perhaps the market has gone past its recovery 'straight-up' phase, as investors realized coronavirus … was not a world ender," said Vito Racanelli, market intelligence analyst at Fundstrat Global Advisors. "But the data remains mixed and Covid-19 fear remains strong." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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