S&P 500 closes higher for a fourth day, now just 2% from its February record as Disney rallies
 | WED, AUG 05, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | DIS | 127.61 | +10.32 | +8.80% | | BA | 174.28 | +9.21 | +5.58% | | AAPL | 440.25 | +1.59 | +0.36% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAL | 12.56 | +1.09 | +9.50% | | GE | 6.40 | +0.26 | +4.23% | | F | 6.96 | +0.10 | +1.46% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 12.56 | +1.09 | +9.50% | | AMD | 85.31 | +0.27 | +0.32% | | UAL | 33.73 | +1.44 | +4.46% | |
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Something that seemed inconceivable in March is now within striking distance: a record high for the S&P 500. The broader market index closed about 2% below its Feb. 19 intraday record of 3,393.52 as optimism around potential coronavirus vaccines and strong earnings from Disney led the S&P 500 higher Wednesday. The S&P 500 has been on a tear since tumbling more than 30% from its all-time high in late February and reaching an intraday low on March 23. Since late March, the index has rallied more than 50%, boosted by unprecedented fiscal and monetary stimulus as well as progress in the search for a coronavirus treatment and vaccine.  To be sure, it may be too early to sound the all-clear just yet. Data from ADP released Wednesday showed U.S. private payrolls increased by just 167,000 in July, writes CNBC's Jeff Cox. That's well below the Dow Jones estimate of 1 million. Meanwhile, the White House and Democratic congressional leaders have yet to reach a deal on additional coronavirus stimulus. "The bottom line is that if we do see real disappointment in stimulus or the vaccine, then a 10% correction is the likely best-case scenario, and it'll come quickly," said Tom Essaye, of The Sevens Report. "We cannot be complacent." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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