CNBC’s “Halftime Report” team breaks down investment strategies amid the pandemic with Fundstrat’s Tom Lee.
Stocks rose on Tuesday, building on the strong gains from the previous session, as investors grew more optimistic about a decline in new coronavirus cases.
The Dow Jones Industrial Average traded more than 600 points higher, or 2.7%. The S&P 500 gained 2.2% while the Nasdaq Composite climbed 1.4%. The major averages were well off their session highs, however. Earlier in the day, the Dow was up more than 800 points.
“Investors chose to accentuate the positives, as they have been mostly doing since the bear-market low,” said Ed Yardeni, president and chief investment strategist at Yardeni Research, in a note to clients. “In our opinion, we are in the midst of a Great Rebalancing away from bonds and into stocks.”
“The bear market has most likely discounted a depression-like recession packed into Q2 and Q3,” he said. “It certainly hasn’t discounted the possibility of an actual apocalyptic depression lasting through at least 2021 and beyond. On the contrary, the market’s recent action suggests that investors are betting on an economic recovery starting during Q4 and continuing through 2021.”
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