| Stocks Soar On Hope That The Virus Could Peak By Mid-April  Image: Bigstock Stocks soared yesterday with all of the major indexes up by more than 3%.
The Dow, as you know, exited its bear market last week when it closed up by more than 20% from its lowest close. And it's still above that threshold.
The S&P and Nasdaq are still in their bear market, but are not that far behind.
The S&P is currently up 17.40% from their lowest close.
And the Nasdaq is up 13.31% from their lowest close.
The numbers they need to reach in order to officially exit their bear market and begin a new bull market (which the Dow has already begun), is 2,684.88 for the S&P, and 8,232.80 for the Nasdaq.
Set an alert for those numbers. That will definitely be a day to celebrate.
The President on Sunday extended the social distancing guidelines until April 30th.
But traders likely took solace in the trillions of dollars of aid going out to business and employees.
And comments that we could see the outbreak reach its peak by mid-April. If we truly do reach the apex at that time, it will be viewed as a positive sign that we can soon be able to start opening up the economy again.
Investors will be transfixed on the coronavirus news this week.
But we'll also get a bevy of economic reports as well.
That includes retail sales via the Redbook report, and Consumer Confidence later today.
MBA Mortgage Applications, the PMI Manufacturing Index, ISM Manufacturing Index, and Constriction Spending tomorrow.
Motor Vehicle Sales, Weekly Jobless Claims, International Trade, and Factory Orders on Thursday.
And then the Employment Situation Report, PMI Services Index, and ISM Non-Manufacturing Index on Friday.
If last week's ugly jobless claims report is any indication of what's to come for Friday's jobs numbers, let alone all the other reports, then they too will be ugly.
But traders looked past last week's nearly 3.3 million people filing for unemployment, because everybody knew it was going to be bad, and it was no surprise.
This is all coronavirus related. And it's temporary.
And once the worst is behind us (could we really see the peak in just a few weeks?), stocks could soar in anticipation of the economy reopening.
See you tomorrow, 
Kevin Matras Executive Vice President, Zacks Investment Research | | Sponsor Free Book: Finding #1 Stocks
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