WALL STREET'S RECOUPS LAST WEEK'S LOSSES IN MONDAY TRADING SESSION

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, Stan Choe, Alex Veiga and Damian J. Troise wrote for the Associated Press (AP) on June 29, 2020.

The S&P 500 rose 1.5% after having been down 0.3%. 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 rose.

Gains for Boeing and Apple in particular helped to lift Wall Street indexes. Boeing jumped 14.4%, 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% as customers keep buying its products regardless of whether they’re quarantined.

The pickup in US stocks after a weekly loss marks the latest choppy move for markets around the world, which have been swinging back and forth in recent weeks as investors balance hope for a relatively quick economic rebound as more businesses reopen against worry as an increase in confirmed new coronavirus cases forces some businesses to close their doors again. “It’s just another day of normal volatility, it's unfortunately what we’re living with now,” said Mark Litzerman, head of global portfolio management at Wells Fargo Investment Institute. “It tends to be this tug of war between better economic data coming through versus a rise in cases.” The S&P 500 gained 44.19 points to 3,053.24. The Dow Jones Industrial Average rose 580.25 points, or 2.3%, to 25,595.80. The Nasdaq composite added 116.93 points, or 1.2%, to 9,874.15.