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The Dow snaps losing streak; NYSE to re-open

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05/14/2020 | 06:24pm EDT

A turnaround Thursday on Wall Street as stocks clawed back to prevent a three-day losing streak.

The bounce-back was fueled by word the White House might be willing to get on board with another economic rescue plan making its way through the Democratic-led House that could - among other things - give fiscal support to hard-hit states.

The Dow erased a more than 400-point decline to rally almost 400 points. Its first gain all week. The S&P 500 and the Nasdaq rallied as well.

Art Hogan, chief market strategist at National Securities, advises long-term investors to stay the course through the market gyrations.

"We'll have those days when we're up two percent and those days when we're down two percent. As an investor you have to remember that volatility is part of the game, an awful bunch of the game right now. So I think if you can stomach that, you can say to yourself we're not going back to the lows likely, we're not going to break out to new highs likely; but a long-term investors is going to benefit by not cashing out of everything and waiting for the dust to settle. I think that is the environment we are in right now."

Thursday's Wall Street upswing came despite more grim news on Main Street. New weekly jobless claims came in at just under 3 million last week, bringing the total number of Americans filing for unemployment benefits since mid-March to 36-1/2 million.

The data suggest a second wave of layoffs are underway - impacting workers initially unaffected by the pandemic shutdown.

There are signs out there, however, that the American economy is starting to thaw... Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman said it will reopen 300 stores across North America by the end of the week for curbside or store pickup service. The stock was up Thursday.

And the iconic New York Stock Exchange will reopen parts of the trading floor starting Tuesday May 26th. The NYSE made the announcement in a Wall Street Journal opinion piece published on Thursday. A small number of floor brokers will return and must have their temperatures taken and wear face masks. And there's one more stipulation - anybody returning to work must avoid public transportation.

Stocks mentioned in the article
ChangeLast1st jan.
BYD COMPANY LIMITED 6.90% 46.5 End-of-day quote.19.69%
DJ INDUSTRIAL 0.36% 25475.02 Delayed Quote.-10.73%
NASDAQ 100 0.45% 9598.887441 Delayed Quote.9.91%
NASDAQ COMP. 0.66% 9552.048879 Delayed Quote.6.46%
S&P 500 0.38% 3055.73 Delayed Quote.-5.42%
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