U.S. Stocks Climb as Countries Begin to Reopen Economies

When President Trump’s travel ban was finally enacted back in January, shares of law enforcement businesses such as US-based Visa Inc saw a surge in demand. One in particular stood out: management services company United States Investigations Services (USIS), which has grown quickly in recent years and was one of the original companies involved in Trump’s travel ban.

The big action in the technology sector was evident from the initial surge in demand for cryptocurrencies across all markets and platforms, including Fidelity.

The market moved strongly in a bullish direction as U.S. markets opened for the week and continuously led the overall market through a positive trading session. Overall, U.S. equity markets closed within one percent of the peak of each market day, with the major indices breaching the 5,000-point mark. As of 8:15 ET, the Dow Jones Industrial Average was almost touching the 15,000 mark, while the S&P 500 was right there too at 1,948. The NASDAQ and Russell 2000 were also in the process of hitting new highs today.

Technology giants were amongst the best performers in the market, with all tech-heavy indices topping the 3,400 mark. Facebook ended the day at 145.19, Apple gained as high as 128.28, Amazon rose to 1,900.40, and Alphabet was just below the 7,000 mark as well.

On the corporate side, Amazon continued its lead, edging even further into the 7,000 dollar mark. Alphabet gained today as well, and Netflix gained 5 percent.

Financial services is up strongly, with shares of JPMorgan Chase, Wells Fargo, Goldman Sachs, and other banks and brokerage firms gaining over 4 percent today. The credit card business is also seeing some increased demand, with Mastercard rising by more than 10 percent and Visa rising by close to 3 percent.

U.S. homebuilders were also advancing, with KB Home, TRI Pointe Group, and Meritage Homes all gaining more than 4 percent.

This morning, the White House announced the Commerce Department’s job and wage data for April, as reported by CNBC. Employers added 195,000 jobs, but the unemployment rate increased by 0.2 percent to 4.0 percent.

But even though it lost one of its best-paying jobs, the jobs picture for full-time employment continues to get brighter. Over the year, hourly wages are up 2.7 percent, inching closer to the 3 percent level that the Federal Reserve has said is needed to reach a healthy economy. If it were to rise at the same rate, the Fed’s stated “federal funds rate is expected to rise to about 2.5 percent by the end of this year and about 3 percent by the end of 2020, after which it expects to pause and then gradually slow its rate of increase,” according to minutes from the recent FOMC.

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