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Recovery hopes drive Wall Street higher

Video Credit: Reuters Studio
Published on June 3, 2020 - Duration: 01:29s

Recovery hopes drive Wall Street higher

Wall Street rallied broadly Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond U.S. social unrest and pandemic worries.

Fred Katayama reports.

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Recovery hopes drive Wall Street higher

Stocks staged a powerful advance Wednesday as more signs of economic recovery spurred investors to buy shares.

Private payrolls fell far less than expected in May, suggesting layoffs were abating.

Boeing's huge leap gave the Dow the day's biggest gains.

The blue chip index rose 2%.

The S&P 500 added 1.3%.

The Nasdaq gained 0.8%, inching closer to its all-time high but lagging the others Wednesday as the leaders of the rally broadened beyond tech stocks to include financials, industrials and energy.

Piper Sandler senior technical analyst Craig Johnson likes what he sees.

"When I see expansion in breadth, that's when I say things are turning positive.

Now is the time to load the boat." Investors loaded up on Boeing shares on word that Daniel Loeb did, too.

The billionaire investor's firm, Third Point, said it had taken a stake in the aerospace giant.

Warner Music struck a chord with investors.

The world's third largest recording label's shares rose on their debut on the Nasdaq, marking a further sign of recovery for the IPO market.

Class="kln">Coty shares rose as the cosmetics maker again tried to keep up with the Kardashians.

The company said it's in talks to collaborate on a beauty line with reality TV star Kim Kardashian West.

It already owns a majority stake in half sister Kylie Jenner's makeup and skincare line.

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