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Wall Street ends higher with boost from technology stocks

Stock MarketsJun 22, 2020 05:23PM ET
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© Reuters. Traders exit the 11 Wall St. door of the NYSE in New York

By Sinéad Carew

NEW YORK (Reuters) - Wall Street's three major indexes closed higher on Monday with the biggest gains in technology stocks as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases in the United States and other countries.

Nasdaq registered its fourth record closing high this month with the biggest boosts from Microsoft (NASDAQ:MSFT), Apple and Amazon.com (NASDAQ:AMZN).

The World Health Organization reported a record rise in global coronavirus cases on Sunday, driving demand for perceived safe havens including gold and longer-term U.S. Treasuries. [US/][GOL/]

While New York City on Monday celebrated the lifting of many coronavirus restrictions, a dozen states in the U.S. South and Southwest reported record increases in new cases with 10% to 20% of people testing positive in some.

However White House economic adviser Larry Kudlow told CNBC that there was no second wave of the pandemic and that it is unlikely there will be widespread shutdowns across the country.

Investors were also clinging to hopes for more government stimulus after U.S. House of Representatives Democrats on Thursday unveiled a $1.5 trillion infrastructure bill in the same week that reports emerged of preparations by the Trump administration for an infrastructure stimulus plan.

"The good news from last week is dominating the bad news from today, which is the increase in COVID cases," said Nela Richardson, investment strategist at Edward Jones, who cautioned that government infrastructure spending plans have failed to become reality several times in the recent past.

Richardson said rising virus case numbers spurred a rotation out of sectors hit hardest by coronavirus' economic impacts into more resilient sectors such as technology.

U.S. President Donald Trump said on Monday that he supported the idea of giving Americans a second round of financial aid because of the virus.

The Dow Jones Industrial Average rose 153.5 points, or 0.59%, to 26,024.96, the S&P 500 gained 20.12 points, or 0.65%, to 3,117.86 and the Nasdaq Composite added 110.35 points, or 1.11%, to 10,056.48.

Of the S&P's 11 major sectors, technology was leading the pack. However the next biggest gainer was the defensive utilities sector.

The market took a step back on Friday after Apple Inc's move to temporarily shut some U.S. stores again underscored concerns of a delay in the recovery.

But Apple shares (NASDAQ:AAPL) climbed on Monday and trading at record highs as the company announced new products at its annual conference for software developers.

Travel-related stocks were some of the weakest as those companies have been hit hard in the past by lockdowns.

The S&P 1500 airlines index dropped 1.3%, while shares of cruise operators Norwegian Cruise Line (NYSE:NCLH) and Royal Caribbean (NYSE:RCL) Cruises dropped 6%.

U.S.-based meat processor Tyson Inc slipped 2.8% as China's customs authority suspended imports of poultry products from a plant owned by the company that had been hit by the coronavirus.

American Airlines (NASDAQ:AAL) Group Inc fell almost 7% as it planned to secure $3.5 billion in new financing by selling shares and convertible senior notes to boost liquidity.

Virgin Galactic Holdings (NYSE:SPCE) Inc soared just under 16% as it signed up with NASA to develop a program to promote private missions to the International Space Station.

Advancing issues outnumbered declining ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored advancers.

The S&P 500 posted 14 new 52-week highs and no new lows; the Nasdaq Composite recorded 120 new highs and nine new lows.

On U.S. exchanges 10.66 billion shares changed hands compared with the 13.29 billion average for the last 20 sessions.

Wall Street ends higher with boost from technology stocks
 

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Comments (20)
Mario Rossi
Mario Rossi Jun 22, 2020 4:11PM ET
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Wait 100 million covid soon and see!!!
Hazem Razzouk
Hazem Razzouk Jun 22, 2020 4:11PM ET
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We will remember these days and we will laugh a lot, the future is more beautiful because the Lord is with us
Eric Hudnall
Eric Hudnall Jun 22, 2020 1:50PM ET
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Relax people! Take a deep breath. You have better odds of surviving the virus than you do crossing the street downtown.
Pratt Man
Pratt Man Jun 22, 2020 1:50PM ET
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that's just not true.
beez waxxxxx
beez waxxxxx Jun 22, 2020 1:48PM ET
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there is NO VIRUS all FAKE NEWS
Roger Pruzansky
Roger Pruzansky Jun 22, 2020 1:48PM ET
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why my family died from it
Matt Novakovich
Matt Novakovich Jun 22, 2020 1:48PM ET
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The Big Fish
The Big Fish Jun 22, 2020 1:02PM ET
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flat? Nasdaq is up 1%!!
isaiah reuben
isaiah reuben Jun 22, 2020 12:54PM ET
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up 300+ futures and they call it flat
beez waxxxxx
beez waxxxxx Jun 22, 2020 12:48PM ET
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its the FLU media BS
Myra De Los Reyes
Myra De Los Reyes Jun 22, 2020 12:47PM ET
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sorry I don't speak but I'm working hard
Crypto Hunter
Crypto Hunter Jun 22, 2020 12:38PM ET
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the bad economy news is just a hoax
Crypto Hunter
Crypto Hunter Jun 22, 2020 12:38PM ET
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the bad economy is just a hoax...
Ha Has
Ha Has Jun 22, 2020 12:30PM ET
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Don't be fooled. The time to invest fully in stocks is right after the FED announces a recession AND when interest rate is low. The 2 criteria are fulfilled now. Even though it may feel like a bear market or it can briefly enter that, it most likely mean a bull market is around the corner.
The Big Fish
The Big Fish Jun 22, 2020 12:30PM ET
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There will never be a better time to invest in the stock market than now. Pick a few safe names, get SP ETFs, whatever, just get in the market. Unless there is a world destroying event you will be sitting on a lot of money in 10 years
Dietmar Stahl
Dietmar Stahl Jun 22, 2020 12:27PM ET
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The real bad economy is only just starting
Ted Dirty
DirtyTed Jun 22, 2020 12:15PM ET
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Flat???..where? when?
eddie glass
eddie glass Jun 22, 2020 12:15PM ET
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maybe the notes the D.NC sent them of what to say today were not up to date
eddit glass
eddit glass Jun 22, 2020 12:11PM ET
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"treads water" lol. MS.sM can.not fig.ure out why their noonsto.op Co.OvVID-19.84 pr.ooppaganda is faai.ling and no.body is f.aalling for their hy.ssteria anymore...
eddit glass
eddit glass Jun 22, 2020 12:11PM ET
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sorry for all the types, this site is terrible with censorship and pushing left-wing narrative, could not figure out what word they were not letting me type
Kelly Mayer
Kelly Mayer Jun 22, 2020 9:35AM ET
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By now the percentage of people already immune to the current strain should be significant. Numbers will rise due to lifting of the lockdown as expected though probably not that much, and the economy will likely not get shutdown again. Also, new studies suggest people with A blood type are 45% more likely to get sick and develop serious symptoms. People with O type blood are the least likely to fall ill - Study publish in a medical journal of science.
Ro Co
Ro Co Jun 22, 2020 9:35AM ET
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‘A Positive’ here.... ugh
Thom Miller
Thom Miller Jun 22, 2020 9:35AM ET
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CV-19 antibodies are only lasting 2-3 months. False narative, Kelly! Check out Sweden...they failed at herd immunity for that very reason. You’re a Trumper, right? You must be, because I’ve yet to see a posting on this site from a Trumper with a brain.
Kelly Mayer
Kelly Mayer Jun 22, 2020 9:35AM ET
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Thom Miller Check out Japan. There are essencially 2 ways to get immunity - Exposure to infection or vaccination. The lockdown was never aimed at completely stopping the spread or wait for a vaccine but to control the spread and to prevent overcrowding of the health system while part of the population would naturaly develop immunity along the process. Because we do have an immune system, and have had one since we know ourselves as human beings, even though no one is mentioning this. Also, the CDC just released the true mortality rate for people under 49yo, which is 0.02% - also not being reported, but the report is there. And i believe CV is here to stay, cv-19, cv-20, cv-21, etc.. Judging by your narrowness of information and inability to properly comment without insulting makes you in turn a... Biden? No. Just a miserable human being.
Andre Paes
Andre Paes Jun 22, 2020 9:08AM ET
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someone tells the author that the Dow, S&P and Nasdaq futures are ALL trading higher since Sunday night and continue to do so as of this writing....
Camaro Camero
Camaro Jun 22, 2020 9:03AM ET
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Hopium, it's a heckuva drug!
Bla Blabla
Bla Blabla Jun 22, 2020 8:33AM ET
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Hope of recovery???do you means that hope for good economy?
mohd osman
mohd osman Jun 22, 2020 8:33AM ET
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No unlest covid vacc will be found
Zhikang Sim
Zhikang Sim Jun 22, 2020 8:00AM ET
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rubbish article ....
Edward Chong
Edward Chong Jun 22, 2020 8:00AM ET
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becos u long of cos u hope is rubbish.
Jacob Steinschlag
Jacob Steinschlag Jun 22, 2020 8:00AM ET
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Edward Chong  learn English first
Edward Chong
Edward Chong Jun 22, 2020 8:00AM ET
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haha i guess u are one of those who long at ridiculous high price.
Sean Livingstone
Sean Livingstone Jun 22, 2020 8:00AM ET
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Kanok C.
Kanok C. Jun 22, 2020 7:14AM ET
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Too much hope is a dream. Too much dream without fundamentals is a nightmare.
 
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