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Wall Street Climbs as Reopening Efforts Support Sentiment

Stock MarketsJun 01, 2020 03:31PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - Wall Street climbed on Monday, led by real estate and financial stocks as efforts to reopen the economy continued to underpin investor hopes of a quicker recovery in the second half of the year.

Dow Jones Industrial Average rose 0.39%, or 98 points, the S&P 500 gained 0.42%, while the Nasdaq Composite added 0.74%.

Mass civil unrest across several states over the weekend did little to drown out investor optimism as financials continued to rack up gains after hitting a more than two-month high last week.

Real estate was also among the biggest gainers, led by Vornado Realty Trust (NYSE:VNO), Regency Centers (NASDAQ:REG), and Kimco Realty (NYSE:KIM), with the latter up more than 7% after JPMorgan upped its price target on the stock to $13 from $11.

Healthcare, meanwhile, proved the exception to the gains on Wall Street, paced by a 7% decline in Pfizer (NYSE:PFE) after the pharmaceutical giant revealed disappointing data from its breast-cancer drug trial.

On the economic front, investors embraced signs of steadying manufacturing activity as the Institute for Supply Management’s manufacturing index for May rose to a reading of 43.1 from 41.5 in April.

The ISM index will "probably improve materially in June" as factories begin to reopen and as Boeing (NYSE:BA) resumes production of the 737 MAX, but a return to pre-Covid-19 levels remains some way off, Jefferies (NYSE:JEF) said.

U.S.-China trade tensions, meanwhile, remained elevated despite President Donald Trump refraining on Friday from imposing harsh sanctions on Beijing. The president said the U.S. would move to end Hong Kong's special status that grants the city favorable trade terms.

China ordered companies to temporarily halt imports of some U.S. farm goods, Bloomberg reported Monday.

Wall Street Climbs as Reopening Efforts Support Sentiment
 

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Comments (16)
Etienne Schoen
Etienne Schoen Jun 01, 2020 4:00PM ET
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Please change the title to: FED sets stocl prices a bit higher because of riots and devastating news. Thank you!
Pwr Strk
Pwr Strk Jun 01, 2020 3:46PM ET
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I read a lot of democratic sentiment in this thread... they all want the USA to fail... SAD
rweqrwq rwqrwqrwq
rweqrwq rwqrwqrwq Jun 01, 2020 3:43PM ET
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yeah and what about projecting -17% gdp second quarter, and negative quarters 3 and 4?
Ventsislav Mirchev
Ventsislav Mirchev Jun 01, 2020 3:39PM ET
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Oh, so it's all good then. I heard of some mass distruction and violence..
Etienne Schoen
Etienne Schoen Jun 01, 2020 3:33PM ET
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FED fixes stock prices. Good night free world, or free markets ...
John Stone
John Stone Jun 01, 2020 3:27PM ET
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So what's supporting the "sentiment"? A couple of irrelevant sell-side estimates and an ISM report which was below expectations? Does it ever occur to "journalists" to actually investigate what's going on?
Gamer Turtle
GamerTurtle Jun 01, 2020 3:27PM ET
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what do you want then to write? the truth that banks are under fed and govt instruction to keep the market inflated?
Kevin Wilkie
Kevin Wilkie Jun 01, 2020 3:00PM ET
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Trump and company are all in on trying to pump the stock markets to all time highs. The filthy leftist Democrats are trying everything they have to crash the economy. Who will win? Trump has the money makers on his side though.
joe glazner
joe glazner Jun 01, 2020 2:56PM ET
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Insane this is going up. system is rigged
John Patrick
John Patrick Jun 01, 2020 2:51PM ET
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They key words here are "Wall St" Climbs."Main St" is either bankrupt, unemployed or protesting!
Mihai Petrea
Grasu85 Jun 01, 2020 2:49PM ET
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only bad news , fake climb , stocks are on the falling edge
Chad Carson
Chad Carson Jun 01, 2020 2:40PM ET
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I'm waiting the headline: markets climb after more bad news regarding the economy
Michael Handwerker
Michael Handwerker Jun 01, 2020 2:31PM ET
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This is flat out insanity. The data coming out of TX, FL and GA is flat out terrible. Waiting for the deaths is like using GDP as a leading indicator.
Pwr Strk
Pwr Strk Jun 01, 2020 2:19PM ET
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Good! now we're cooking
Nick Smith
Nick Smith Jun 01, 2020 2:18PM ET
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As far as stock market is concerned we’re all good apparenly. I dont know what to say...
Jonathan Sutton
Jonathan Sutton Jun 01, 2020 2:16PM ET
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This is fine! Everything is fine.
Quentin Paul
Quentin Paul Jun 01, 2020 2:16PM ET
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meaning?
Juan Thomas
Juan Thomas Jun 01, 2020 2:12PM ET
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Reopening efforts? America is on verge of a civil war mate
Emiliano Be
Emiliano Be Jun 01, 2020 2:12PM ET
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na. in my opinion we'll see a ramp up of organized protests, organized protesters and only when there is that rise will we be closer to a civil confrontation.
 
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