Powerful monetary and fiscal stimulus programs are keeping stocks aloft, as investors trade into stocks that should benefit from reopenings.
Stocks continue to rally, even as many American cities remain under curfews and are bracing for continued protests.
A looted and boarded up "Best Buy" is seen after a night of protest over the death of an African-American man George Floyd in Minneapolis on June 2, 2020 in New York. City.The great rotation continues, with some of the most down-trodden names leading the market higher: industrials, airlines, financial institutions, and energy companies.
"The market is a forward looking mechanism. They see six months from now, nine months from now there will be more semblance of order. The economy will be coming back, and earnings will be coming back. Estimates have stopped going down," said Steven DeSanctis, Jefferies equity strategist. "You have the full support of the Fed ... the flows into credit markets have been incredible. The capital markets are open. IPOs and secondary offerings are getting done.
Lori Calvasina, chief U.S. equity strategist at RBC, said the protests could become an issue for stocks if they have a significant impact on consumer or business confidence, as the economy is reopening. The market has also been watching but mostly shaking off the growing"We have a giant Fed cycle that looks like it's never going to stop," said Calvasina. "Is the Fed lift powerful enough to offset negative news? They acted with leadership and acted early and were aggressive.
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