‘Glass half full’ outlook pushes S&P 500 over 3,000

U.S. stocks rose for a third day as optimism mounts that the global economy is on the rebound from the pandemic hit. Treasuries slipped.

The S&P 500 jumped back above 3,000 and its average price for the past 200 days, technical levels considered key by chart watchers.

The S&P/TSX composite index was up 13.37 points at 15,161.49.

In New York, the Dow Jones industrial average was up 345.12 points at 25,340.23. The S&P 500 index was up 22.12 points at 3,013.89, while the Nasdaq composite was down 26.69 points at 9,313.53.

For a second day, stocks most punished by the coronavirus, from Carnival Corp. to United Airlines, surged as investors anticipate a sharp uptick in spending on non-essential goods and services. The tech-heavy Nasdaq 100 Index retreated as investors shunned the high flyers that dragged equities off their lows throughout April and much of May. Rising tensions with China also

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U.S. food prices see historic jump and are likely to stay high

As if trips to the grocery store weren’t nerve-wracking enough, U.S. shoppers lately have seen the costs of meat, eggs and even potatoes soar as the coronavirus has disrupted processing plants and distribution networks.

Overall, the cost of food bought to eat at home skyrocketed by the most in 46 years, and analysts caution that meat prices in particular could remain high as slaughterhouses struggle to maintain production levels while implementing procedures intended to keep workers healthy.

While price spikes for staples such as eggs and flour have eased as consumer demand has leveled off, prices remain volatile for carrots, potatoes and other produce because of transportation issues and the health of workers who pick crops and work in processing plants.

In short, supermarket customers and restaurant owners shouldn’t expect prices to drop anytime soon.

“Our biggest concern is long-term food costs. I believe they will continue to go up,” … Read More