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Market Recap: Tuesday, May 26

On Tuesday, stocks finished higher, though they pared gains after Bloomberg report late in the session that the U.S. was considering sanctioning Chinese officials and firms over new national security efforts imposed on Hong Kong.

影片文字紀錄

SEANA SMITH: We're less than a minute away from the closing bell on Wall Street, and we had a quite a rally on our hands today. The Dow, though, off its highs of the day. Right now, up over 500 points that we're off the highs, after a report from Bloomberg crossed the wire saying that US is weighing sanctions on Chinese officials and firms [INAUDIBLE].

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Today, the Dow up over 500 points, S&P up over 1%, and the NASDAQ was the underperformer of the three major averages today, closing up just around a tenth of a percent, solidly above 9,300. So something to keep an eye on today as we head into trading tomorrow. Something to note as well is the Dow briefly crossed above 25,000. That's a level that we haven't seen since the beginning of March. The-- the biggest outperformers today-- Goldman, Raytheon, and Dow Inc., JPMorgan, and Walgreens. Those five stocks were the top performers in the Dow so far today.

And really, this huge rally that we did see on TheStreet was fueled by recovery hopes and then also the vaccine news that we got out of Novavax, and also some headlines from Merck that we'll dig into in just a little bit. But I want to bring in my co-host Myles Udland. And, Myles, it's interesting, you were talking last hour about some of the leadership that we've been seeing in the market today and also on the heels of last week, and that's been in a lot of these cyclical names.

MYLES UDLAND: Yeah, and I think, look, you know, as Jared outlined, some of it's going to be short covering some of these names. I mean, you go through the bank stocks right now, you still have, you know, shares of Wells Fargo off 52% from their most recent high. But it's not like everyone looks at Wells Fargo and says, what a great business. But the stock is up 8% today because as-- you know, and I think we're going to discuss this for the rest of the summer, right-- as things continue to not go wrong during re-openings, there is going to be a view that maybe some of these cyclical plays on the "things aren't going to be as bad as previously thought" continue to pick up some momentum.

So you look at some of the travel names today. They've had a nice rally over the last couple of weeks. You see it in the bank stocks. You can see it in some of the industrial names. But I think just on today's intraday basis, it's so interesting, as you mentioned, to see a trade headline hit the market right at the end because I think we've all forgotten that the trade war is still, I guess, still happening or, like, could happen at any moment. It's not something that could be totally ignored, and these are headlines that do move the market.

You can say, oh, it's, you know, a couple points on the Dow here or there, so call it 25, 30 basis points. And maybe it doesn't really matter, but the market does still react to trade headlines. And maybe if the world gets back to something like normal, we start paying closer attention to what retaliatory measures could be taken by this administration over the next couple of months. And-- and maybe that's a new wrinkle in how we, you know, come into this market every day thinking about what's going to matter and what's going to be ignored by the market.