Wall Street breaks through key psychological level as optimism builds
US stocks jumped on Tuesday , propelling the S&P 500 past the key psychological level of 3000 points as optimism about developing coronavirus vaccines and the revival of business activity helped investors overlook simmering China-US tensions.
After surging by 2.9 per cent on Tuesday, yhe ASX is poised to drop this morning, with futures at 5.30am AEST pointing to a slide of 62 points, or 1.1 per cent, at the open. Data showed US consumer confidence nudged up in May, adding to hopes that the worst of the economic impact of the shutdown is in the past.
Beaten-down travel-related stocks soared, with the S&P 1500 airlines index up about 13.4 per cent. Cruise operators including Carnival Corp were more than 13.7 per cent.
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