Positive market reversal | Fed lends support once again | Hertz with an interesting pitch

MON, JUN 15, 2020

EVENING BRIEF

AS OF MON, JUN 15, 2020 • 04:41 ET

DJIA		25763.16
		+0.62%	+157.62

S&P 500		3066.59
		+0.83%	+25.28

NASDAQ		9726.02
		+1.43%	+137.21

Most Active

DOW
NAME	LAST	CHG	%CHG
BA	190.94	+1.43	+0.75%
AAPL	342.99	+4.19	+1.24%
PFE	33.36	-0.39	-1.16%

S&P 500
NAME	LAST	CHG	%CHG
AAL	16.70	-0.04	-0.24%
F	6.50	+0.04	+0.62%
GE	7.24	-0.01	-0.14%

NASDAQ
NAME	LAST	CHG	%CHG
AAL	16.70	-0.04	-0.24%
UAL	39.00	-0.66	-1.66%
AMD	54.68	+1.18	+2.21%

EDITOR'S NOTE

The stock market has taken investors and traders for a wild ride this year and Monday was no exception.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all kicked off the session with a massive drop. At its session low, the Dow fell more than 760 points. But the major averages later recovered to start the week with solid gains.

Monday's sharp reversal came as the Federal Reserve said it will buy individual corporate bonds in the secondary market, expanding its efforts to support markets during the coronavirus pandemic. In March, the central bank said it would buy corporate bond exchange-traded funds, helping fuel the market's run-up from the crisis lows.

A curious thing occurred during the market's reversal since its March low, the so-called dumb money has outperformed Wall Street professionals.

CNBC's Maggie Fitzgerald writes that the top stock picks from retail investors have outperformed hedge funds' favorite names during the market comeback. The data, which was compiled by Goldman Sachs, shows a portfolio made up of stocks popular among retail investors is up 61% since the late-March low while the bank's hedge fund basket has risen only 45% over the same time period.

What's more, Fitzgerald also found that Robinhood traders — who have received flak from Wall Street professionals for rushing into beaten-down assets such as airlines — nailed the market bottom in late March.

New data out Monday (pictured above) showed Robinhood users' total holdings increased in March, just as the market began its blistering rally.

Score one for the little guy.

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