Major U.S. stock markets rallied during Monday midday trading following positive statements from Federal Reserve Chairman Jerome Powell, and optimistic results from an early trial for Moderna Inc.’s experimental COVID-19 vaccine.
The S&P 500 and Dow Jones Industrial Average are both trading at more than 3% to 2,950.28 and 24,547.39, respectively; the Nasdaq is up 2.5% to 9,238.73.
Crude oil jumped 7% to $31.51 a barrel.
Gold was down 1.3% to $1,734 an ounce.
The yield on a 10-year bond increased 10% to 0.71%.
RESTAURANTS
Chipotle Mexican Grill Inc. (NYSE: CMG) in Newport Beach rose 3% to $1,001.43 and a $27.9 billion market cap. A Piper Sandler survey released today indicated that more people are willing to visit a restaurant in the next two weeks compared with the same question asked in April. Also, a report from marketing researcher NPD showed restaurant chain transactions are continuing to improve for the fourth consecutive week.
RETAIL
Irvine-based Boot Barn Holdings Inc. (NYSE: BOOT) surged 16% to $22.16 and a $640 million market cap. The Western wear chain is slated to release fourth quarter results after the market close on Wednesday. Zacks said analysts are still expecting the company to report a 1.8% sales gain from the same period a year earlier. Shares for the company are currently trading at about half their typical daily volume, and are up 57% in the past month.
