Wall Street claws back some losses; small caps rise

Business | 30 Jun 2020 10:53 am

Stocks shrugged off a wobbly start to finish solidly higher on Wall Street Monday, as the market clawed back half its losses from last week.

The S&P 500 added 1.5 percent after having been down by 0.3 percent. The market rallied after a much healthier-than-expected report on the housing market put investors in a buying mood. Technology, industrial and communications stocks accounted for much of the market’s broad gains. European stocks also closed higher. Treasury yields were mixed and oil prices climbed.

Gains for Boeing and Apple in particular helped to lift Wall Street indexes. Boeing jumped by 14.4 percent, its best day in more than two months. The company’s troubled 737 Max jet looks set to begin test flights soon.

Apple added 2.3 percent as customers keep buying its products regardless of whether they are quarantined.

The S&P 500 gained by 44.19 points at 3,053.24. The Dow Jones Industrial Average added 580.25 points, or 2.3 percent, at 25,595.80. The Nasdaq composite added 116.93 points, or 1.2 percent at 9,874.15.

Stocks of smaller companies also jumped more than the rest of the market, which often happens when investors are feeling more optimistic about the economy. The Russell 2000 index of small-cap stocks picked up 42.43 points, or 3.1 percent, to 1,421.21. The index made up for all of its loss from last week.-AP



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