Stocks Stage a rallyDow +779.71 at 23433.57, Nasdaq +203.64 at 8090.90, S&P +90.57 at 2749.98 [BRIEFING.COM] The stock market rallied on Wednesday, though the advance found resistance near Tuesday's opening high. The S&P 500 gained 3.4% while the Russell 2000 (+4.6%) outperformed. Equities got off to a shaky start that had the S&P 500 trading just six points above yesterday's low during the first hour of action. However, most heavily weighted sectors showed relative strength during the initial downdraft, which allowed for a swift bounce that continued into the afternoon. The rally took place as participants remained optimistic about the recent slowdown in new coronavirus cases, which led to speculation about parts of the U.S. economy being able to reopen soon. NIAID Director Fauci said death models are improving and that a turnaround in COVID-19 would be likely after this week. The optimism about the future overshadowed a couple reminders about how dire the recent past has been. The World Trade Organization expects that global GDP will be down between 2.5% and 8.8% this year while the Organization for Economic Cooperation and Development noted today that its leading indicators are pointing to a sharp slowdown in all major economies except for India, where a less drastic slowdown has being observed. All eleven sectors ended in the green with seven groups finishing ahead of the broader market. Real estate (+7.4%) and energy (+6.7%) outperformed throughout the day while utilities (+5.4%) and materials (+5.0%) ascended the leaderboard in late trade. The top-weighted technology sector (+2.7%) kept pace with the broader market for the bulk of the session but couldn't keep up during the final stretch. However, chipmakers outperformed, sending the PHLX Semiconductor Index higher by 3.4%. Zoom Video ($ZM 117.81, +4.06, +3.6%) took part in the early rally, but surrendered the bulk of its gain after it was reported that Google banned its employees from using the software due to concerns about potential data leaks. Government officials from Germany and Taiwan have already been told not to use Zoom's video conferencing software. Elsewhere, McDonald's ($MCD 177.49, +1.90, +1.1%) rallied despite revealing that its comparable sales fell 3.4% in Q1 due to a 6.9% plunge in international sales while domestic sales ticked up 0.1%. The company reported strong performance for January and February but comparable sales in March were down 22.2%, led by a 34.7% drop in international sales. The company withdrew its outlook for the longer term and suspended its share buyback program. Treasuries ended the day in mixed fashion, as shorter tenors climbed while longer tenors retreated, sending the 10-yr yield higher by three basis points to 0.76%. Crude oil jumped $1.39, or 5.9%, to $25.17/BBL, reclaiming a portion of its loss from yesterday even though the latest weekly inventory report showed another massive build. Economic data released this morning was limited to the weekly MBA Mortgage Index, which fell 17.9% to follow last week's 15.3% increase. The Purchase Index dropped 12.2% while the Refinance Index slumped 19.4%. March PPI (Briefing.com consensus -0.4%; prior -0.6%), Core PPI (Briefing.com consensus -0.1%; prior -0.3%), weekly Initial Claims (Briefing.com consensus 5.00 mln; prior 6.65 mln), and Continuing Claims (prior 3.029 mln) will be reported at 8:30 ET while February Wholesale Inventories (Briefing.com consensus -0.4%) and the preliminary reading of the Michigan Consumer Sentiment for April (Briefing.com consensus 79.3; prior 89.1) will be released at 10:00 ET. Nasdaq Composite -9.8% YTDS&P 500 -14.8% YTDDow Jones Industrial Average -17.9% YTDRussell 2000 -28.6% YTD Market Snapshot Dow23433.57+779.71(3.44%)Nasdaq8090.90+203.64(2.58%)SP 5002749.98+90.57(3.41%)10-yr Note -2/320.764NYSEAdv 2592 Dec 316 Vol 1.21 blnNasdaqAdv 2721 Dec 539 Vol 3.44 bln Industry Watch Strong: Energy, Technology, Industrials, Consumer Discretionary, Real EstateWeak: Consumer Staples, Health Care, Communication Services Moving the Market Stocks display early strength despite weak showing from other global equity marketsU.S. administration officials reportedly preparing plans for reopening of the economyECONOMIC EVENTS: In U.S. central bank news, minutes from the March 15 Federal Reserve meeting showed that the FOMC members believed that actions taken in response to the spread of COVID-19 could have significant effects on borrowers. The committee members also said, according to the minutes, that members wanted 0% rates until the U.S. economy weathers recent events and that a 50 basis point cut is a "clear signal" of the economic significance of the coronavirus. In White House news, Bloomberg reported that the Trump administration is working on plans to reopen the U.S. economy that depend on testing considerably more Americans for the coronavirus than has been possible to date. In coronavirus news, New York State Governor Andrew Cuomo reported the highest single day death toll for the state, reporting 779 deaths. Cuomo said that the state is "flattening the curve," even though the death rate is climbing. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 1,475,976 confirmed cases of COVID-19 and 86,979 deaths due to the disease. TOP NEWS: McDonald's ($MCD) reported that its global comparable restaurant sales declined 3.4% in the first quarter, while its U.S. same-store sales rose 0.1%. After a strong start to the quarter, global comparable sales declined 22.2% in March, including a 13.4% decline in the U.S., as pandemic restrictions took hold. Consistent with many of its peers, McDonald's withdrew its 2020 and long-term guidance, which was a decision that BMO Capital analyst Andrew Strelzik said was "not surprising given current uncertainty." The Wall Street Journal reported that Amazon ($AMZN) is suspending its Amazon Shipping service, also known as "Ship with Amazon," in June because, as the company is quoted as having said, it "needs its people and capacity to handle a surge in its own customers' orders." Shares of FedEx ($FDX) and UPS ($UPS) jumped 8.3% and 6.3%, respectively, as analysts at Credit Suisse, JPMorgan and BofA all said they expects the shippers' stocks to react favorably to the Wall Street Journal's report. Carson Block's Muddy Waters this morning announced a new short position in eHealth ($EHTH), arguing that the company's "highly aggressive accounting masks [...] a significantly unprofitable business." Meanwhile, shares of Luckin Coffee ($LK) were halted before the open on Tuesday pending news, and have yet to resume trading. Luckin is another short target of Block, who accused the Chinese company of fraud months before its recent revelation that it found an employee who was inflating sales figures. Disney ($DIS) might require theme park visitors to have their temperatures checked when they reopen after coronavirus restrictions on public gatherings are lifted, Executive Chairman Bob Iger said in an interview with Barron's. Last night, Wells Fargo analyst Steven Cahall downgraded Disney to Equal Weight from Overweight with a price target of $107, down from $155, citing his concerns about the "unique and severe downturn for Parks." Cahall forecasts zero park attendance for the second half of FY20 and roughly 50% capacity in FY21, he told investors. Meanwhile, Wells Fargo ($WFC) shares rose 5.2% after the Federal Reserve said it would ease growth restrictions for the bank to allow for more loans. After the move, the lender announced that it will expand its participation in the Paycheck Protection Program for small businesses. MAJOR MOVERS: Among the noteworthy gainers was Annaly Capital ($NLY), which rose 29.2% after it provided a Q1 earnings guidance update. Also higher was Novavax ($NVAX), which gained 15.3% after the company said it identified a coronavirus vaccine candidate. Among the notable losers was TAL Education ($TAL), which slid 6.7% after reporting last night that the company discovered "certain employee wrongdoing" in the company's routine internal auditing process. Also lower was Glu Mobile ($GLUU), which fell 7.6% after Stephens analyst Jeff Cohen downgraded the stock to Underweight from Equal Weight.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... 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