Stocks open flat as Wall Street closes out strong second quarter

Stocks open flat as Wall Street closes out strong second quarter
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Stocks opened flat Tuesday morning as Wall Street sought to close out a quarter of rapid recovery from the coronavirus-driven crash earlier this year.

The Dow Jones Industrial Average, S&P 500 index and Nasdaq composite moved little as the market opened Tuesday, the final day of the second fiscal quarter of 2020.

All three major indexes are on pace for some of their best-ever quarterly rises following three months steady rebounding from a sharp drop that began as the coronavirus pandemic emerged within the U.S.

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Both the Dow and S&P are on track to rise more than 16 percent from the start of the quarter for the first time since 1998, according to CNBC, while the Nasdaq’s 28-percent rise would be its best since 2001.

Stocks plummeted in late February and early March as the full economic toll of the pandemic came into view, but rallied steadily throughout the quarter even as the economy lost 21 million jobs and likely shrunk by 30 to 40 percent of gross domestic product on an annualized basis.

While the economy showed signs of recovery in May by adding 2.5 million jobs as states eased pandemic-related restrictions, a new surge in COVID-19 cases is threatening to derail the ground gained since the collapse. The upcoming expiration of enhanced unemployment benefits and the prospect of millions of evictions are also severe threats to the burgeoning recovery.