Stock Market News: Pinterest Pops Higher; Is the Square CEO's Gift Good for Shareholders?
The stock market kept gaining ground on Wednesday morning, showing a newfound level of optimism among investors despite the ongoing challenges of the coronavirus pandemic. Even though market participants were disappointed to see big gains early Tuesday evaporate over the course of the trading session, they nevertheless hope that comments from former Fed chair Ben Bernanke and others will bring some perspective to the current situation. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 277 points to 22,931. The S&P 500 (SNPINDEX: ^GSPC) had risen 33 points to 2,693, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had gained 92 points to 7,979.
Even as companies have to adjust to the new economic realities of the crisis, some are standing out for their efforts. Pinterest (NYSE: PINS) posted sharp gains as the social media company gave its latest outlook on its business. Meanwhile, Square (NYSE: SQ) also saw gains, although some wonder whether promises of coronavirus-related assistance from CEO Jack Dorsey is really a positive for the stock.
Pinterest has been a disappointment for those who invested in it soon after its 2019 IPO, but its shares were up 12% Wednesday morning. The social media company's preliminary results gave investors hope for a longer-term recovery even with the pandemic's headwinds.
Source Fool.com
