By Alex Eule |
Thursday, June 25
Now we need a new list. This time, it's companies that have delayed their reopening. The headliner today came from Walt Disney, which has now put off its planned July 17 reopening of Disneyland and is reportedly considering pushing off the already delayed opening of its next big film, Mulan. Disney stock finished the day down 0.6%, rebounding from a larger loss earlier in the day.
Apple, meanwhile, said it was closing more stores -- this time it's 14 outlets in Florida. Apple has re-closed 32 stores over the last week.
The great reopening continues to be a tricky balance, with more than 36,000 new Covid cases reported yesterday.
Stocks opened the day in negative territory before rebounding in the afternoon. The Dow Jones Industrial Average finished up 300 points, or 1.2%. The S&P 500 and Nasdaq Composite both rose about 1.1%.
All of the gains came after 3 p.m. The move was driven by the banking sector, with investors looking forward to a relaxation of capital requirements for banks.
But shortly after markets closed, investors got a surprise. The rules are actually getting tighter. A Federal Reserve "stress test" found that banks are susceptible to a 2008-style crash if the economy remains weak for too long.
The Fed is forcing banks to suspend their stock buybacks through the third quarter of the year and it put a cap on dividend payments.
Bank stocks fell in after-hours trading. Goldman Sachs was down 3.6%, Bank of America was down 2%, and JPMorgan Chase was down 1.7%
Barron's Alexandra Scaggs has more on the Fed's decision on Barrons.com tonight.
DJIA: +1.18% to 25,745.60
S&P 500: +1.10% to 3,083.76
Nasdaq: +1.09% to 10017.00
The Hot Stock: National Oilwell Varco +9.8%
The Biggest Loser: H&R Blok -5.1%
Best Sector: Financials +2.7%
Worst Sector: Utilities -1.2%
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