S&P 500, DOW EXTEND RALLY ON HOPES OF SWIFT ECONOMIC TURNAROUND

Wall Street’s major indexes rose on Monday, June 8, 2020, building on last week’s sharp gains after a surprisingly upbeat jobs report raised bets of a swift recovery from a coronavirus-driven downturn, Devik Jain and Medha Singh reported for Reuters.

Among the leading gainers on the S&P 500 were shares of cruise line operators Carnival Corp and Norwegian Cruise Line Holdings Ltd, up 12% and 13.5%, respectively. The S&P 1500 airlines index jumped 6.8%. Planemaker Boeing Co advanced 11.4%, adding to its 40% surge last week.

Aiding sentiment, major oil producers agreed to extend a deal on record output cuts over the weekend. The energy sector climbed 3.6%, the most among the 11 major S&P sectors. Other cyclical sectors including financials, and industrials, as well as consumer discretionary provided the biggest boost to the benchmark index.

The tech-heavy Nasdaq, however, dipped on Monday, after hitting an intraday record high in the previous session as data showed the unemployment rate in May unexpectedly fell.