Day Traders Diary
The major averages rose sharply to start the abbreviated week as Wall Street cheered news on Boeing while traders shrugged off the latest surge in coronavirus cases. The Dow Jones Industrial Average finished up 472 points or 1.9%. The S&P 500 rose 1.3% while the Nasdaq Composite gained 1.1%.
Shares of Dow-member Boeing rose 11.3% as certification flights for the Boeing 737 Max began Monday. The test is seen by investors as a critical step in Boeing's worst-ever corporate crisis, which began in March 2019 after two crashes in five months killed 346 people.
Apple was also among the biggest contributors of gains on the Dow, climbing 1.8%. Facebook, meanwhile, traded 1.7% higher to recover from an earlier decline. The social media giant was first under pressure after more companies said they will pause advertising on its platforms. Since Friday, Starbucks, Coca-Cola and Guinness-parent Diageo all announced they will halt advertising on social media.
Investors bet on select stocks on hopes most state economies will continue to reopen even as some hotspots pop up. Southwest Airlines jumped 5.1% after Goldman Sachs upgraded the shares to buy from sell. Shares of retailer Gap and Kohl's rose 4% and 5%, respectively.
The 2-yr yield was unchanged at 0.16%, and the 10-yr yield was unchanged at 0.64%. The U.S. Dollar Index increased 0.1% to 97.51. WTI crude rose 3.1%, or $1.18, to $39.67/bbl.
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