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EsportsDow 25K as Reopening Euphoria Sparks 529-Point Jump
Dow 25K as Reopening Euphoria Sparks 529-Point Jump thumbnail

Dow 25K as Reopening Euphoria Sparks 529-Point Jump

Coming off the long Memorial Day weekend, stocks posted big gains Tuesday as investors continued to applaud both state-by-state reopenings and a broader effort to normalize commerce globally.

The Dow hit 25,000 for the first time since early March — this time on the way up — and all three major indices are firmly in bull market territory (at least as far as the technical definition is concerned).

Financials and industrials led the way, with the two sectors up 5% and 4.3%, respectively.

Coming off the Memorial Day weekend, stocks posted big gains Tuesday as investors continued to applaud both state-by-state reopenings and a broader effort to normalize commerce globally.

The Dow hit 25,000 for the first time since early March — this time on the way up — and all three major indices are firmly in bull market territory (at least as far as the technical definition is concerned).Financials and industrials led the way, with the two sectors up 5% and 4.3%, respectively.

The Dow Jones Industrial Average rose 529 points, or 2.2%, to finish at 24,995 after surpassing the 25,000 level earlier in the day.Both the Dow and the S&P 500 are up about 37% from their 52-week lows on March 23, while the Nasdaq is up 41%.

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Vaccine hope of the day.For the last several months, stocks have moved almost solely on headlines concerning the course of the virus’ spread, developments in treatment, testing and eradication, and the shape of the presumed recovery.

Tuesday was no different, as Wall Street focused on news from Novavax (ticker: NVAX ) that it had begun human trials for its vaccine.

Moderna ( MRNA ) made similar news last week when it reported what it cast as positive early results from the first human clinical trials of its kind for a vaccine.There are now about 10 different vaccine candidates in the works.NVAX stock rose 4.5% Tuesday.

DraftKings: A gamble investors are taking.Shares of online sports betting giant DraftKings (DKNG) jumped 14.7% on Tuesday as its CEO Jason Robins touted pent-up demand for esports betting and suggested the expansion of in-game betting opportunities represented a major opportunity.

DKNG, which just hit markets as a stand-alone public company in late April, is up about 50% since then, and shares have been rallying since its first earnings report in mid-May.The company isn’t actually making any money yet, but its 30% growth was enough to encourage investors.

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