A uptick in virus cases in the U.S. has seen new cases surge to more than 40,000 per day. On Tuesday, Dr. Anthony Fauci, head of the National Institutes of Health, said the case numbers could rise to 100,000 a day if Americans don’t take the precautions necessary.
Wall Street, however, is suddenly not interested in the so-called “curve” it focused on in the early stages of the outbreak in March and April. All three major indices finished higher on the day, finishing the last day of the second quarter on a high note.
All 11 sectors finished higher. The Dow Jones Industrial Average finished up 217 points, or almost 0.9%, to close at 25,812. In the last three months, the blue-chip index tacked on about 18%, its best outing since the tumultuous year of 1987.
S&P’s best quarter in decades, too. The S&P 500 also posted a quarter for the ages, tacking on 20% for its best quarter since 1998. And, as has been par for the course in 2020, the Nasdaq finished out Tuesday on a strong note, rising nearly 1.9% on Tuesday.
Gold hits $1,800. The precious metal continued to rally on Tuesday, rising about 1% to hit the $1,800 level. It’s a price point that hasn’t been seen in about seven years; the commodity tends to rally under conditions that have defined 2020: a print-happy Federal Reserve, falling interest rates and high uncertainty.
Boeing slumps, Airbus cuts 15,000 jobs. Aerospace giants Airbus and Boeing (ticker: BA ) aren’t doing so hot. Airbus said it would need to cut 15,000 jobs, mostly in Europe, as demand for air travel continues to decline and the course of the virus remains uncertain.
Its largest American competitor, Boeing, saw shares fall 5.8% as worries about the second wave – and news of Airbus’ grim outlook – dinged investor sentiment. It finished as the single worst performer in the S&P 500.