Michael Ashbaugh

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April 29, 2020, 11:57 a.m. EDT

Market recovery attempt strengthens (again), S&P 500 extends atop major resistance

Focus: Consumer staples sustain recovery attempt, Financials challenge the 50-day average, XLP, XLF, IPHI, QRVO, ODFL

By Michael Ashbaugh, MarketWatch

U.S. stocks are firmly higher early Wednesday, rising amid optimism over positive clinical trial results for a developmental COVID-19 treatment.

Against this backdrop, the S&P 500 has extended its April rally attempt, rising to tag additional resistance (2,934), a level defining the 62% Fibonacci retracement of the 2020 crash.

Link to MarketWatch's Slice.