US close: Stocks finish higher as markets rally on economy reopening
By Josh White
Date: Thursday 28 May 2020
(Sharecast News) - US stocks finished in the green on Wednesday, as optimism regarding the reopening of the economy and a potential Covid-19 vaccine offset fears around a heightening of tensions between the world's two largest economies.
The Dow Jones Industrial Average ended the session up 2.21% at 25,548,27, the S&P 500 added 1.48% to 3,036.13, and the Nasdaq Composite was ahead 0.77% at 9,412.36.
At the open, the Dow has gained 256.07 points, following on from gains seen in the previous session as investors returned from the Memorial Day long weekend to news that pharmaceutical firm Novavax had begun trials on a Covid-19 vaccine in Australia.
While vaccine hopes drove Tuesday's rally, news that the White House was considering sanctions on Chinese firms and officials due to the nation's new laws granting it executive powers in autonomous Hong Kong knocked stocks off their session highs.
Donald Trump also vowed to provide an update on the government's response to the matter by the end of the week.
However, the memories of market participants seemed to be short in some regards, with shares in the likes of cruise operator Carnival and carrier United Airlines jumping 5.90% and 3.89% by the close, respectively, as investors continued to monitor the reopening of the US economy, with all 50 states going back to work to a certain extent.
Goldman Sachs, American Express and JPMorgan Chase were up 6.94%, 7.47% and 5.79%, while trade bellwether Caterpillar rose 4.28% and Raytheon Technologies ended the session 3.83% firmer.
In data news, US applications for home mortgages increased for a sixth straight week last week, indicating that the housing market could lead the economy's recovery.
The Mortgage Bankers Association said on Wednesday that its seasonally adjusted Purchase Index had increased 8.6% week-on-week, while on an unadjusted basis, the index rose 7.4% from the prior week and was 9% higher year-on-year.
Dow Jones - Risers
American Express Co. (AXP) $101.23 7.33%
Goldman Sachs Group Inc. (GS) $209.66 6.94%
JP Morgan Chase & Co. (JPM) $101.37 5.79%
Caterpillar Inc. (CAT) $122.42 4.27%
3M Co. (MMM) $158.15 3.99%
Raytheon Technologies Corporation (RTX) $66.65 3.38%
Nike Inc. (NKE) $99.87 3.36%
Travelers Company Inc. (TRV) $106.82 3.35%
Boeing Co. (BA) $149.52 3.31%
International Business Machines Corporation (CDI) (IBM) $125.54 3.10%
Dow Jones - Fallers
Walmart Inc. (WMT) $122.48 -1.11%
Pfizer Inc. (PFE) $37.41 -0.21%
Visa Inc. (V) $192.82 -0.21%
Dowdupont Inc. (DWDP) $30.52 0.00%
Microsoft Corp. (MSFT) $181.81 0.13%
Johnson & Johnson (JNJ) $144.89 0.23%
Merck & Co. Inc. (MRK) $77.55 0.38%
Apple Inc. (AAPL) $318.11 0.44%
Walt Disney Co. (DIS) $121.53 0.48%
Chevron Corp. (CVX) $93.90 0.64%
S&P 500 - Risers
Macy's Inc. (M) $7.38 19.61%
Gap Inc. (GPS) $10.57 18.37%
Nordstrom Inc. (JWN) $19.64 16.84%
Kohls Corp. (KSS) $22.29 14.54%
Discover Financial Services (DFS) $49.60 12.52%
Norwegian Cruise Line Holdings Ltd (NCLH) $17.59 9.73%
Synchrony Financial (SYF) $21.35 9.60%
Royal Caribbean Cr (RCL) $54.29 9.54%
Regions Financial Corp. (RF) $11.98 9.31%
Fifth Third Bancorp (FITB) $20.97 9.28%
S&P 500 - Fallers
Fortinet Inc. (FTNT) $131.15 -4.64%
Resmed Inc. (RMD) $153.71 -4.22%
Msci Inc. (MSCI) $315.17 -3.37%
CME Group Inc. (CME) $176.53 -3.26%
Jack Henry & Associates Inc. (JKHY) $176.72 -3.00%
Twitter Inc (TWTR) $33.07 -2.76%
Booking Holdings Inc. (BKNG) $1,698.73 -2.76%
FLIR Systems Inc. (FLIR) $44.05 -2.74%
Chipotle Mexican Grill Inc. (CMG) $990.00 -2.65%
Motorola Solutions Inc (MSI) $134.02 -2.45%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $49.45 7.97%
American Airlines Group (AAL) $11.98 7.54%
Mylan Inc. (MYL) $17.16 6.32%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $251.63 5.74%
Sirius XM Holdings Inc (SIRI) $5.78 5.47%
DENTSPLY Sirona Inc. (XRAY) $47.79 5.43%
Vertex Pharmaceuticals Inc. (VRTX) $278.51 4.51%
Henry Schein Inc. (HSIC) $62.24 4.48%
J.B. Hunt Transport Services Inc. (JBHT) $119.52 4.35%
Automatic Data Processing Inc. (ADP) $144.67 4.14%
Nasdaq 100 - Fallers
Booking Holdings Inc. (BKNG) $1,698.73 -2.76%
NetEase Inc. Ads (NTES) $377.10 -2.39%
Nvidia Corp. (NVDA) $341.01 -2.21%
Mercadolibre Inc. (MELI) $820.83 -1.60%
Expedia Group Inc. (EXPE) $81.61 -1.46%
Facebook Inc. (FB) $229.14 -1.32%
Maxim Integrated Products Inc. (MXIM) $57.57 -1.10%
JD.com, Inc. (JD) $52.16 -0.84%
Trip.com Group Limited (TCOM) $25.83 -0.81%
Paypal Holdings Inc (PYPL) $145.96 -0.71%
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