S&P 500 on pace for first quarter gain of more than 18.1pc

Business | 30 Jun 2020 11:32 am

Given all the uncertainty about the path for the US economy and corporate profits, many professional investors say the only sure thing for markets is that upcoming movements will likely be volatile.

The second quarter of the year is set to close out Tuesday, and the S&P 500 is on pace for a gain of more than 18.1 percent, which would be its best since late 1998. Of course, that follows the U.S. stock market’s loss of nearly 20 percent in the first quarter, which was its worst since the bottom of the 2008 financial crisis.

The market’s gains were widespread Monday, with industrial companies and raw-material producers jumping the highest. Homebuilders also helped lift the market. Hovnanian Enterprises surged by 11.9 percent.

Shopping mall owner Simon Property Group jumped by 10.1 percent. Its shares have risen and fallen for months with expectations of whether people will be able to get closer to “normal” activity.-AP



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