Dow posts best quarter since 1987 as stocks rebound from coronavirus lows
Dow posts best quarter since 1987 as stocks rebound from coronavirus lows

By Jonathan Garber FOXBusiness

Economic recovery hopes, more stimulus drive robust quarterly rally.

The major U.S. stock indexes posted a strong rally during the final minutes of trading on Tuesday to end the quarter on a high note after fighting back from their coronavirus lows.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES25812.88+217.08+0.85%
SP500S&P 5003100.29+47.05+1.54%
I:COMPNASDAQ COMPOSITE INDEX10058.765451+184.61+1.87%

The blue-chip Dow Jones Industrial Average rose 216 points or 0.85 percent while the S&P 500 climbed 1.54 percent and the Nasdaq Composite added 1.87 percent.

Late day comments from Senate Majority Leader Mitch McConnell on a on a potential Phase 4 stimulus plan helped serve as a catalyst, along with similar remarks from Treasury Secretary Steven Mnuchin.

You deserve service as unique as you are. At State Farm, we offer personalized solutions. Like a good neighbor, State Farm is there.

For the quarter, the Dow posted its best performance in 33 years, gaining 17 percent while the S&P 500 rose 20 percent and the Nasdaq surged 30 percent.

On the economic front, June consumer confidence printed at 98.1, ahead of the 91.8 that analysts surveyed by Refinitiv were expecting.

Meanwhile, the number of daily new coronavirus cases in the U.S. continued to pull back from the peak reached last week, totaling 36,390 on Monday. Deaths due to the outbreak ticked up to 338 but remained near their lowest level since March 25.

Overnight, China passed national security legislation for Hong Kong, effectively ending the “One Party, Two Systems” governing principle that had been in place since the 1997 handover by Britain. The U.S. responded by revoking trade benefits that had been afforded to Hong Kong under the dual system.


Looking at stocks, Wells Fargo will cut its 51-cent quarterly dividend to help offset damage to the bank’s earnings from COVID-19. The bank will announce the amount of its payout when it releases earnings on July 14. Rivals JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley and Goldman Sachs said they would maintain their dividends.

TickerSecurityLastChangeChange %
WFCWELLS FARGO & COMPANY25.60-0.10-0.39%
JPMJP MORGAN CHASE & CO.94.06+1.06+1.14%
CCITIGROUP INC.51.10+0.81+1.61%
BACBANK OF AMERICA CORP.23.75+0.36+1.54%
MSMORGAN STANLEY48.30+1.06+2.24%

Royal Dutch Shell booked a $22 billion writedown due to declining demand for fuel as lockdowns to curb the spread of the pandemic choked off travel. The energy giant also lowered its oil price forecast to $35 a barrel for 2020 and $60 a barrel over the long term.

TickerSecurityLastChangeChange %

Athletic-apparel maker Lululemon agreed to buy home fitness startup Mirror for $500 million. Mirror will operate as a standalone company within Lululemon after the completion of the deal, expected later this year.

Electric-vehicle producer Tesla is facing “tight” odds on breaking even in the second quarter due to the COVID-19 pandemic, according to the Associated Press, citing an e-mail CEO Elon Musk sent to employees. Musk asked employees to “go all out” to keep the company out of the red. The stock closed at a fresh record high.

TickerSecurityLastChangeChange %
TSLATESLA INC.1,079.81+70.46+6.98%

On the earnings front, both Conagra Brands and Micron Technology beat on sales and profit and issued forecasts that topped expectations.

TickerSecurityLastChangeChange %

West Texas Intermediate crude oil fell 77 cents to $38.93 a barrel while gold registered its best one quarter percentage gain since 2016 settling at $1,793 an ounce.

U.S. Treasurys were little changed, with the yield on the 10-year note holding at 0.653 percent.

In Europe, Germany’s DAX advanced 0.64 percent, while France’s CAC 40 and Britain’s FTSE dropped 0.9 percent and 0.19 percent, respectively.

Asian markets were higher across the board, with Japan’s Nikkei climbing 1.33 percent, China’s Shanghai Composite gaining 0.78 percent and Hong Kong’s Hang Seng rallying 0.52 percent.

Affiliate News Feeds

  • Washington Examiner
  • The Federalist
  • The Epoch Times
  • The Guardian
  • The Gateway Pundit

Republican efforts to advance new policies to support families have proceeded unevenly and haltingly despite pressure to act in the wake of the Supreme Court overturning Roe v. Wade. [...]

As the country inches closer toward Election Day, voters are homing in on specific issues that may decide the fate of Congress and several state governments in November. [...]

As the country inches closer toward Election Day, voters are homing in on issues that may decide the fate of Congress and several state governments in November. [...]

An election integrity group sued the Wisconsin Elections Commission for allowing absentee voters to change votes after submitting ballots. [...]

Morris's elitist mindset doesn't allow her to comprehend how people could possibly see issues differently than she does. [...]

California Democrat Gov. Gavin Newsom signed a new law to strip rights away from parents who protest their children's pursuit of transgender surgeries. [...]

Pennsylvania counties can help voters “cure” mail-in ballots to fix defects, a judge in the state has ruled, rejecting an attempt to block counties from doing so in the upcoming… [...]

An Arizona judge on Friday rejected a bid by abortion advocates to freeze her earlier order that allowed enforcement of a Civil-War-era law that made it a crime to provide… [...]

Rep. Jim Jordan (R-Ohio) has pushed back on the FBI’s denial of his allegations that the agency had engaged in a conservative “purge” and was cracking down on whistleblowers. The… [...]

Russian defence ministry says troops have withdrawn amid ‘threat of encirclement’Ukrainian forces perform victory dance after liberating LymanWhat we know on day 220 of the invasionPutin annexes four regions of… [...]

Climate and cost of living campaigners converged in London protestsThousands of supporters of Just Stop Oil have blocked four bridges across the Thames.Protesters blocked Waterloo Bridge, Westminster Bridge, Lambeth Bridge… [...]

Finance ministers of Wales, Scotland and Northern Ireland say government must ‘restore confidence in our public finances’Latest politics news – liveThe devolved nations have called for an urgent meeting with… [...]

Senate Minority Leader Mitch McConnell has begun cozying up to Democrat Senator Kyrsten Sinema. During an event at the University of Kentucky, McConnell heaped praise on Sinema for her displays… [...]

One day after receiving the COVID-19 shot, Regan Laine Lewis, a 20-year-old nursing student from Grinnell, Kansas, died unexpectedly of cardiac arrest on Tuesday. Regan Lewis died unexpectedly at the… [...]

The Biden economy is a nightmare.  The markets showed it yesterday as the month of September 2022 is now in the books.  Here are some observations of the markets pointed… [...]


USSN World News (USNN) USNN World News Corporation is a media company consisting of a series of sites specializing in the collection, publication and distribution of public opinion information, local,...