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Wall Street ends higher on Boeing bump, stimulus eyed

Stock MarketsJun 29, 2020 06:15PM ET
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© Reuters. The spread of the coronavirus disease (COVID-19) in New York

By Chuck Mikolajczak

NEW YORK (Reuters) - Wall Street stocks closed higher on Monday and the S&P 500 was poised to clinch its biggest quarterly percentage gain since 1998 as investors hoped for a stimulus-backed economic rebound, while a surge in Boeing shares helped boost the blue-chip Dow.

The planemaker's (N:BA) shares jumped more than 14% after a 737 MAX took off on Monday from a Seattle-area airport on the first day of certification flight testing with U.S. Federal Aviation Administration and company test pilots, a crucial moment in Boeing's worst-ever crisis.

A spike in virus infections in Southern and Western states last week sent the S&P 500 down nearly 3%, but the threat of a deeper-than-feared recession has led investors to expect more stimulus measures from the Federal Reserve or Congress.

But the sting of rising infections was blunted by the pricing of the antiviral drug remdesivir, which has been shown to alter the course of COVID-19, by Gilead Sciences (O:GILD). The company also agreed to send nearly all of its supply of the drug to the United States over the next three months.

While the S&P 500 is up more than 17% for the quarter, the index is down slightly for the month, as stocks have been buffeted by signs of progress in battling the coronavirus and a recent resurgence in cases.

"For all the up, for all the down, volatility isn’t going anywhere," said Willie Delwiche, investment strategist at Baird in Milwaukee. "Maybe that is the lesson of June, these one-day moves seem impressive but you string 20 of them together and you’ve got nothing."

The Dow Jones Industrial Average (DJI) rose 580.25 points, or 2.32%, to 25,595.8, the S&P 500 (SPX) gained 44.19 points, or 1.47%, to 3,053.24 and the Nasdaq Composite (IXIC) added 116.93 points, or 1.2%, to 9,874.15.

Each of the 11 major S&P sectors was in positive territory, led by industrial (SPLRCI) stocks.

The benchmark S&P 500 (SPX) has rebounded about 36% from its March 23 closing low. Monday's gains pushed the index above its 200-day moving average, a technical support level it had fallen through with last week's decline.

Data on Monday showed contracts to buy previously owned homes rebounded by the most on record in May, suggesting the housing market was starting to turn around. Later this week, investors will focus on employment and consumer confidence data.

Still, Wall Street was looking for more stimulus measures to buttress the economy. Analysts at Morgan Stanley (NYSE:MS) said a further injection of cash was critical to the bank's thesis for a "V"-shaped U.S. economic recovery.

The BlackRock (NYSE:BLK) Investment Institute downgraded U.S. equities to "neutral," citing risks of fading fiscal stimulus, an extended epidemic as well as renewed U.S.-China trade tensions.

Although a $3 trillion aid bill was passed by the House of Representatives in May, the Republican-controlled Senate has not taken up the package and lawmakers are not expected to move toward another coronavirus bill until sometime in July.

Coty Inc (N:COTY) jumped 13.4% after the company said it would buy a 20% stake in Kim Kardashian West's makeup brand for $200 million.

Advancing issues outnumbered declining ones on the NYSE by a 3.02-to-1 ratio; on Nasdaq, a 1.96-to-1 ratio favored advancers.

The S&P 500 posted 1 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 17 new lows.

Volume on U.S. exchanges was 10.57 billion shares, compared to the 13.54 billion average for the full session over the last 20 trading days.

Wall Street ends higher on Boeing bump, stimulus eyed
 

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Comments (41)
Murariu Paul
Murariu Paul Jun 30, 2020 1:02AM ET
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Engineers do not believe in their own product, air carriers cancel their orders of Max, this aircraft has been grounded for almost one year bringing no income to the factory, parts manufactures have no orders and struggling to stay alive and the news that they are allowed to retest the aircraft drive Dow to sky,make sense to you?
jemin An
jemin An Jun 29, 2020 7:33PM ET
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This time FR continue to support economy even blamed for twisting market? Yes it may, but it may not. we dont know, but we know, Virus go up and death toll goes worsen, before the medical reaction, not a stimulus.
Muhamed Jaffir
Muhamed Jaffir Jun 29, 2020 4:26PM ET
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"Boeing certification magically increases consumer demand!" "I've always wanted to fly on a plane that killed so many, to prove I am brave." Sundar Johal.
xolani alex
xolani alex Jun 29, 2020 4:26PM ET
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what's hurts more is that no one will be riding in this plane or buying thise planes anytime soon.. markets are really disconnected from reality
Tricky Dick
TrickyDick Jun 29, 2020 3:16PM ET
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he threat of a deeper-than-feared recession has led investors to expect more stimulus measures from the Federal Reserve or Congress.  So bad is good?
Jeremy Williams
Jeremy Williams Jun 29, 2020 2:19PM ET
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They left out the false in front of hopes
Etienne Schoen
Etienne Schoen Jun 29, 2020 1:37PM ET
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Btw we close at 25'800 for the Dow today ...
Etienne Schoen
Etienne Schoen Jun 29, 2020 1:35PM ET
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FED holds stock prices up as long as virus spreads! It is not a market of supply and demand, but a FED Buddies Club ...
Bulls MakeMore
Bulls MakeMore Jun 29, 2020 1:35PM ET
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It's a help America and its families club, led by President Trump.
Dilip Kumar Pramanik
Dilip Kumar Pramanik Jun 29, 2020 1:30PM ET
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Dow also crossed my target
Lalit Mahajan
Lalit Mahajan Jun 29, 2020 1:27PM ET
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Only one thing work here brrr brrrr brrrrrr. So buy
Murariu Paul
Murariu Paul Jun 29, 2020 1:17PM ET
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Boeing boost??? Testing an airplane which killed people in the past? That is the reason of the rebound today??? Records of infection with Covid 19 is less important? What is going on here? Anyone able to give a proper reason why this market is going up?
Etienne Schoen
Etienne Schoen Jun 29, 2020 1:17PM ET
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The one and only explanation is the indirect stock purchasing program by FED. Everybody else only stands aside ...
Maria Greg
Maria Greg Jun 29, 2020 1:17PM ET
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are you having puts? just asking cos so do I :)
Tyler Kulka
Tyler Kulka Jun 29, 2020 1:17PM ET
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ALL airplanes have killed people, its called fixing and improvement and its a good thing!There WILL be a demand for better jets. It’s as simple as that.Secondly, what is actually more important than infection rate is mortality rate which is utterly CRASHING.Antibody studies around the nation verify the dramatic extent of infections, as well as the CDC director himself declaring the likelyhood of at least 10x the amount of recorded infections.THAT is bombshell good news!
Murariu Paul
Murariu Paul Jun 29, 2020 1:17PM ET
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Tyler Kulka   Engineers do not believe in their own product, air carriers cancel their orders of Max, this aircraft has been grounded for almost one year bringing no income to the factory, parts manufactures have no orders and struggling to stay alive and the news that they are allowed to retest the aircraft drive Dow to sky,make sense to you?
Annie Zhan
Annie Zhan Jun 29, 2020 1:16PM ET
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if you do not buy stocks what will you do nowadays, so now buy when Corona left then sell haha
Thomas DeVito
Thomas DeVito Jun 29, 2020 1:16PM ET
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Hope markets are so lame.... They should just say Wall Street wanted to buy today so it is up.
paul guzman
paul guzman Jun 29, 2020 1:14PM ET
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otra ves en las mismas jajajaja suben unos puntos para motivacion y luego se viene e mar rojo...
Chad Carson
Chad Carson Jun 29, 2020 1:13PM ET
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Wall Street gains after shrugging off record number of virus cases. that should be the title
Bulls MakeMore
Bulls MakeMore Jun 29, 2020 1:09PM ET
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Fake news, fake comments....real lives, real money being made by real families.
Kenny Venezia
Kenny Venezia Jun 29, 2020 12:49PM ET
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I did want to say it before, but I can no longer hold my tongue. The power money players of this nation are collectively insane
Bulls MakeMore
Bulls MakeMore Jun 29, 2020 12:49PM ET
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So it's "insane" to try to help your country and its citizens???
Etienne Schoen
Etienne Schoen Jun 29, 2020 12:49PM ET
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Only 2% of citizens profit from stock profits, 98% are happy when they have a living and get something to eat for the family ...
Andrew carson
Andrew carson Jun 29, 2020 12:47PM ET
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Fake rally.
Jin News
Jin News Jun 29, 2020 12:32PM ET
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How high can the s&p500 go?
Plopseven Schwartz
Plopseven Schwartz Jun 29, 2020 12:32PM ET
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As long as nobody cares about out national debt....how far can they kick the can?
Alvin Tostig
Alvin Tostig Jun 29, 2020 12:24PM ET
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The worse it gets the better it is for the market. EZ PZ
Ricardo Diogo
Ricardo Diogo Jun 29, 2020 12:19PM ET
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Market are disconnected from basic economic data. The rebound is unsustainable at the present surge in Infections.Next Two weeks will confirm again, or not, the severity and consequences of the virus
John Patrick
John Patrick Jun 29, 2020 12:04PM ET
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Hollow rebound based on nothing but Tax payer backed FED stimulus. Shameful
Plopseven Schwartz
Plopseven Schwartz Jun 29, 2020 12:04PM ET
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Tax boycott time in America. Rich get richer, poor don’t get healthcare or good roads, but thank god airlines who buy back their own stock are getting bailed out and junk bonds bought... And you wonder why people riot.
John Patrick
John Patrick Jun 29, 2020 12:04PM ET
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Plopseven Schwartz Agreed. This is the blatant stealing of money from Main St and giving it to the the buddies on Wall St. Its then glorified as the solution for saving the American Economy. Stocks Up...Criminal Farce. None of this benefits Americans just Wall St. This is what people should be rioting about. Instead they are distracted by the 'other reasons' to riot. The establishment is good at redirecting the anger of the masses!
Aaron Last Name
Aaron Last Name Jun 29, 2020 10:58AM ET
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they pulled this rally out of their rear end
Muhamed Jaffir
Muhamed Jaffir Jun 29, 2020 10:58AM ET
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didn't you hear, Boeing is reinstating its dividend and got 400 new plane orders.
Plopseven Schwartz
Plopseven Schwartz Jun 29, 2020 10:58AM ET
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Muhamed Jaffir that’s not going to help them when 50% of Americans are carrying a virus soon...
Ken Sow
Ken Sow Jun 29, 2020 10:30AM ET
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Hopeless rebound
Robert DZ
Robert DZ Jun 29, 2020 10:17AM ET
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UDOW is earning for me
Dilip Kumar Pramanik
Dilip Kumar Pramanik Jun 29, 2020 10:05AM ET
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one percent done in Dow. another 1 to 1.5 will come
 
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