Wall Street rallied Wednesday with the NAS Comp approaching record highs as signs of an economic recovery from the Medical Malpractice chaos instant recession.
Financials, industrials and tech pushed the 3 major US stock indexes well into the Green. The S&P 500 and the NAS Comp each posted their 4th day running of solid gainers.
The NAS Comp, the S&P 500 and the DJIA have rebounded sharply off the 23 March lows, and they are now up 1.4%, 7.8%, and 11.1%, respectively, away from besting all-time closing highs set in February.
There is growing confidence the US economy can safely re-open, much as other economies such as China and Italy have successfully done. Risk appetite for stocks has been helped by optimism in the economy, as well as investors having few other alternatives.
The DJIA rose 527.24 pts, or 2.05%, at 26,269.89, the S&P 500 gained 42.05 pts, or 1.36%, at 3,122.87 and the NAS Comp added 74.54 pts, or 0.78%, to 9,682.91.
Of the 11 major sectors in the S&P 500, all but healthcare closed in positive territory, with industrials and financials enjoying the biggest percentage gains.
Boeing Co (NYSE:BA) gave the biggest boost to the blue-chip Dow, its shares rising 12.9% following news that investor Daniel Loeb’s Third Point had taken a stake in the company.
Advancing issues outnumbered decliners on the NYSE by a 3.81-to-1 ratio; on NAS, a 2.26-to-1 ratio favored advancers.
The S&P 500 posted 32 new 52-wk highs and no new lows; the NAS Comp recorded 96 new highs and 4 new lows.
Volume on all US exchanges was 12.62-B/shares, compared with the 11.45-B average over the last 20 trading days.
HeffX-LTN’s overall technical outlook for the major US stock markets indexes is Very Bullish in here.
Looking Ahead: Investors await the US Labor Department’s comprehensive May jobs report, which is expected to show unemployment rising to a historic 19.7%.
Have a healthy day, Keep the Faith!