The day started with NO DOUBT that the market was going to open through SPX 3,000, a number we have been eyeballing for weeks.
After good news about virus deaths, potential vaccines etc., the SPX opened at 3,021.72, the highest level since March. Travel stocks like airlines, cruise ships and Boeing opened the strongest. Meanwhile, MRNA got beaten down hard after studies showed it had almost zero benefit.
BOEING (BA) closed up 5.2%, AAL closed up 14.85%, CCL (Carnival) closed up 12.6%, on reports that the economy is going to open strong.
After the open, the market backed off a little and the SPX sat in a range between 3005 and 3015 until near the close. KEEP IN MIND that the market almost never closes above a big number (like 3000) the first time. On the close, the market got news that President Trump and Mike Pompeo were in talks to determine who in China may have assets frozen, travel restricted, etc. This sent the SPX from 3010 to 2988, before closing at 2991.77.