Investors continue to remain optimistic as the world slowly opens from coronavirus lockdowns.
On Monday, the Nasdaq Composite rallied to a record high with an intraday peak of 9,847.16 in the opening minutes but fell a bit after. The index needs to close above 9.817.18 to finish in record territory. Early gains from the Dow Jones Industrial Average and the S&P 500 have the major averages on track for a fourth straight week of gains.
Big day for Stock Market. Smart money, and the World, know that we are heading in the right direction. Jobs coming back FAST. Next year will be our greatest ever!
— Donald J. Trump (@realDonaldTrump) June 8, 2020
Oil prices have continued the greatest comeback in history with West Texas Intermediate crude oil topping $40 a barrel for the first time in three months (a 2.25% rally) after OPEC and its allies agreed to extend historic production cuts and Saudi Arabia raised prices by the most in 20 years. Brent crude oil was higher by 1.23% at $42.82 a barrel.
“Oil prices continue the greatest comeback in history,” Phil Flynn, senior market analyst at the Price Futures Group, told FOX Business. “OPEC plus is proving they will do whatever it takes by agreeing to extend cuts and getting the cheaters to comply.”
