#Stocks bounce back from 2020 losses on hope for quick recovery

#Stocks bounce back from 2020 losses on hope for quick recovery

June 8, 2020 | 4:50pm

US stocks erased their 2020 losses on Monday, boosted by optimism that the US economy is poised for a quicker-than-expected comeback after it was brought to a near standstill by the coronavirus pandemic.

The Dow Jones industrial average rose 461.46 points, or 1.7 percent, to close at 27,572.44, building on Friday’s 829-point rally fueled by a shockingly strong jobs report.

The tech-heavy Nasdaq rose 1.1 percent to close at a new, all-time high of 9,924.74,breaking the intraday record it posted Friday. And the S&P 500 jumped 1.2 percent to 3,232.39, slightly above where it closed Dec. 31 of last year.

“The opening of the economy has been for the most part on schedule, and the more the economy can open without significant outbreaks, the more we’re seeing confidence weave its way back into the consumer optimism,” said Quincy Krosby, chief market strategist for Prudential Financial.

Airlines got a boost Monday amid hopes about Americans resuming travel, with shares in United, American and Delta each climbing more than 5 percent. Beleaguered planemaker Boeing led the Dow with an 11.5 percent jump as of 11:51 a.m.

Monday’s surge followed a week in which the Dow gained 6.8 percent as investors digested a slew of economic data suggesting the worst of the coronavirus downturn is over.

Among them was Friday’s jobs report showing the economy added 2.5 million jobs in May — in defiance of widespread expectations for further losses — along with improved manufacturing activity and consumer confidence last month.


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