Stock market exploding up today?

[at140]

Have they really found a vaccine which works?
Because unemployment, GDP, tax revenues federal and states, are all tanking.

https://finance.yahoo.com/most-active

[Moostache]

1. Irrational exuberance

Dipped in greed...

[at140]

2. This is something more than greed

Greed did not suddenly wake up today. It has been alive for a long time. Yet we never had a 850 point move up in one day.
This has to be related to the rumors about successful trial of some vaccine.

[Hugin]

5. There are a whole lot of positions left to unwind.

The fleecing will commence in earnest as soon as enough rubes show up.

[safeinOhio]

3. Stocks are so cheap that corporations

are buying there own stocks back. Has more to do with the wealth of CEOs than fundamentals.

[at140]

7. Ok but that has been going on for some time. Today is exceptionally explosive, why?

[KPN]

9. Moderna's first human subject vaccine trials report came out early morning showing positive,

hopeful results.

[PoindexterOglethorpe]

4. People with money recognize that

now is not a bad time to buy stocks.

People here tend to say the market is overvalued all the time. It often isn't. Right now a lot of stocks would be dirt cheap.

[unblock]

6. fwiw, here's what cnbc says:

always take with a big grain of salt the "reasons" offered for why the stock market moves on any one day.


https://www.cnbc.com/2020/05/17/stock-futures-up-after-powell-says-economy-could-recover-some-this-year.html

Stocks rallied on Monday, rebounding from losses last week, as news from a Moderna trial stoked optimism about a potential coronavirus vaccine.

The Dow Jones Industrial Average traded 800 points higher, or 3.4%. The S&P 500 gained 3% while the Nasdaq Composite advanced 2.5%.

Moderna shares rallied 26% after the company reported “positive” phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.

[at140]

8. Bingo! That has to be the reason more than anything else.

[muriel_volestrangler]

10. Not just the USA: Germany +5.7%, UK +4.3%, France +5.2%

Japan was only +0.5%, so perhaps it was something after Tokyo closed, but before Europe opened (each had a large gain on opening)

https://www.bbc.co.uk/news/business/market-data

[at140]

11. I weep for the traders who keep shorting this market.