S&P 500 turns positive for 2020 | It's an official recession | Druckenmiller 'humbled'

Stocks rose on Monday as investors grew more optimistic about an economic recovery

VIEW IN BROWSER | SUBSCRIBE MON, JUN 08, 2020 EVENING BRIEF AS OF MON, JUN 08, 2020 • 04:49 ET DJIA 27572.44 +1.70% +461.46 S&P 500 3232.39 +1.20% +38.46 NASDAQ 9924.75 +1.13% +110.66   Most Active DOW NAME LAST CHG %CHG BA 230.50 +25.07 +12.20% XOM 54.74 +1.66 +3.13% MSFT 188.36 +1.16 +0.62% S&P 500 NAME LAST CHG %CHG AAL 20.31 +1.72 +9.25% GE 8.46 +0.58 +7.36% OXY 24.40 +3.61 +17.36% NASDAQ NAME LAST CHG %CHG AAL 20.31 +1.72 +9.25% UAL 48.69 +6.29 +14.82% AMD 52.97 -0.13 -0.24% EDITOR'S NOTE Stocks surged again on Monday as investors continued betting on a successful reopening of the U.S. economy, even as the coronavirus pandemic continues.   The big news happened seconds before the close: The S&P 500 erased its 2020 loss and is now positive for the year.   The rebound has caught some of the best investors off guard, including Stanley Druckenmiller, who came on CNBC and confessed he'd missed out on the comeback, not recognizing the strength of the Federal Reserve's liquidity programs.   "Well, I've been humbled many times in my career," the legendary investor said. "And the last three weeks certainly fits that category." It's not really a recession until the National Bureau of Economic Research says it's a recession, and on Monday the private organization based in Cambridge, Massachusetts, said yes, indeed we're in a recession.   For anyone who has lost a job or suffered an investment loss in a downturn, it's another one of those absurdities of economics that we need the NBER to make the official call, often well after a recession has passed.   This time, however, the call came quickly.  Liz Ann Sonders, chief investment strategist at Charles Schwab, says it's the fastest recession declaration NBER has ever made from peak economic activity to a press release announcing a recession.   It's not over yet, but this may prove to be one of the sharpest and shortest recessions ever - and one that the stock market barely frets anymore.   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  S&P 500 erases its loss for the year as stocks rally on reopening optimism The U.S. entered a recession in February, according to the official economic arbiter Stanley Druckenmiller says he's been 'humbled' by market comeback, underestimated the Fed Kamala Harris fundraising event for Joe Biden set to raise over $2 million with VP spot up for grabs Track the latest coronavirus news here Asymptomatic spread of coronavirus is 'very rare,' WHO says Ex-Minneapolis cop Derek Chauvin bail set at up to $1.25 million for George Floyd murder charges Astonishing market moves: Retailer Michaels surges a record 50% on a JPMorgan upgrade Fed expands Main Street program to allow for both smaller and bigger loans Bank of America gives mea culpa on missing rally, raises S&P 500 forecast     TOP VIDEO Jim Cramer: Markets acting as if Covid has gone away   CNBC PRO Watch the full interview with Stanley Druckenmiller on missing the market comeback and what he's betting on   SPECIAL REPORTS Stocks have not been this expensive in 19 years — what to watch now After airline stocks' best week ever, technical analyst bets on another 25% rally   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS