Investors are weighing excitement about the economy reopening with escalating tensions between the U.S. and China and nationwide protests.
, stocks rose as optimism around reopening businesses overshadowed concerns about the global pandemic, U.S.-China trade tensions and nationwide protests. Equities got an extra boost in the final hour of trading and closed around their session highs.
Stocks tied to the reopening of states outperformed. Citigroup, Wells Fargo and Bank of America all rose at least 0.9%. Gap climbed 7.7%. Southwest gained 2.6%. Mall and shopping center operators saw robust gains on Tuesday. Stocks have continued their trek upward as risk appetite grows on optimism that the worst of the economic downturn from the spread of the coronavirus is in the past. Gains in June follow back-to-back monthly increases in April and May for U.S. equities.
"I think this rally has further to go. It has all those doubters there but it's the liquidity that the Fed provided that I think is the prime determinant," Siegel said on CNBC's "While stocks have largely shrugged off unrest around the country, federal and local governments are taking action. Major cities like New York and Chicago have imposed curfews in an effort to dissipate the mass gatherings.
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