Stocks that would benefit from the economy reopening rose on Thursday. JPMorgan Chase, Citigroup and Wells Fargo all gained slightly. Dollar Tree popped more than 10% on the back of stronger-than-forecast quarterly numbers.
Shares of companies that rose on the back of stricter stay-at-home orders fell. Zoom Video slid 1.8%. Shopify shares dipped 1.1% while Amazon lost 0.4%.
Thursday’s market moves added sharp rallies in the major stock indexes so far this week.
The S&P 500, Nasdaq Composite and Dow are up 2.7%, 0.9% and 4.4% since the start of the holiday-shortened week. The Dow is on track for its best week since the week ended April 8.
Traders say this week’s rally is in large part thanks to optimism about the reopening of the U.S. economy.