The Dow rose over 300 points and returned to 26000 points! U.S. stocks rose, and Ruixing surged nearly 11%

Original title: The Dow rose over 300 points and returned to 26000 points! U.S. stocks rose, Ruixing surged nearly 11% Source: Tencent Securities
Tencent Securities, June 3, US stocks opened higher across the board on Wednesday, as the number of ADP employment in the United States decreased by 2.76 million in May, far better than expected, and the market remained optimistic about the US economic restart and economic recovery.
As of press time, the Dow rose 304.36 points to 26047.01 points, an increase of 1.18%; the Nasdaq rose 41.85 points to 9650.22 points, or 0.44%; the S&P 500 index rose 27.28 points to 3108.10 points, or 0.89%. The financial sector led the gains.
Ruixing rose 10.7%, after closing up 14.2% the previous day. Qudian’s stock price rose 5.1%, and Siku rose 61.6%. It had risen by more than 110%. Qudian announced that it will subscribe to Siku for up to US$100 million. After the transaction, Qudian will become Siku’s largest shareholder.
European stocks rose across the board, with the European Stoxx 600 index up 1.9%. As of the close, the Shanghai Composite Index rose 0.07% and the Shenzhen Component Index fell 0.04%. The Nikkei 225 index rose 1.29%, and South Korea’s Seoul Composite Index rose 2.87%.
The ADP report is far better than expected, and the optimism of the economic restart persists. The market favors risky assets, and the dollar and gold, which are safe-haven assets, are lower. The price of gold fell nearly $30, and US COMEX gold futures fell 1.5% to $1708.55 per ounce. The US dollar index fell 0.3% to 97.38.
Cloth oil once rose above $40 and hit a new high of nearly three months, because the market expected OPEC+ to extend production cuts, but then there was news that the OPEC+ meeting was unlikely to be held on Thursday, and oil prices fell. WTI crude oil futures fell 0.3% to $36.70 per barrel. Brent crude oil futures fell 1% to $39.19 per barrel.
ADP employment in the United States decreased by 2.76 million in May, and is expected to decrease by 9 million. The previous value decreased by 20.236 million. The vice president of ADP Employment Data said that the New Coronary Pneumonia Crisis continues to put pressure on companies of all sizes, while the labor market is still affected by the US economic recession. As many states begin to resume business in stages, the number of unemployed may have peaked in April.
The ADP private sector employment report preceded the report released by the US Bureau of Labor Statistics on Friday, and it also exacerbated concerns about the deterioration of the US economy caused by the deadly new crown epidemic. Although the ADP report does not always accurately reflect the contents of the Bureau of Labor Statistics report, it still provides some insight into the current employment situation in the United States.
According to the real-time monitoring system of Johns Hopkins University in the United States, as of 5:33 on June 3, Beijing time, there have been 1,828,736 cases of new coronavirus infections in the United States, including 106,046 deaths. There were 24,530 new infections in the United States and 1,247 new deaths.
The Office of the US Trade Representative announced on the 2nd that the US has initiated a “301 investigation” on the digital service tax of multiple trading partners.
US Trade Representative Lighthizer said in a statement that President Trump is concerned that many trading partners are adopting tax plans aimed at “unfair” treatment of US companies. “We are prepared to take all appropriate actions to protect US companies and Workers are not subject to any such discrimination.”
The “301 Survey” targets the digital service taxes that have been implemented or are being considered by the following 10 trading partners: the European Union, the United Kingdom, Austria, the Czech Republic, Italy, Spain, Turkey, Brazil, India and Indonesia.
Jefferies equity strategist Steven DeSanctis said that the market reflects expectations for the future and believes that order will return to normal after six or even nine months. The economy will recover in the future, and corporate profits will rise.
Baird’s investment strategist Willie Delwiche said that what is currently driving the market higher is information about the new crown epidemic in the United States and the improving economy. “The market is not looking for good news or bad news, but is concerned about the direction of development.”
Jim Paulsen, chief investment strategist at Leuthold Group, said: “Despite several important issues, including the unrest in the United States, a continuing pandemic