A late rally lifted the benchmark US equity indices to gains of over >1%, with the Financials sector buoyed by news that regulators are planning to loosen the restrictions imposed by the Volcker rule, allowing banks to more easily make large investments into venture capital and similar funds - Dow up +300-points or +1.18% Goldman Sachs Group Inc rallied +4.59% and JPMorgan Chase and Co +3.49%. Walt Disney Co pared losses but still settled -0.63% lower after it delayed re-opening theme parks due to COVID-19 concerns. The broader S&P500 gained +1.10% after logging its biggest final hour gain since 17 April according to Bespoke Investment Group data. Financials (up +2.71%) and Energy (+1.92%) led ten of the eleven primary sectors higher. Utilities (down -1.22%) was the only sector to settle in the red. The NASDAQ +1.09%. Macy’s Inc (down -4.13%) announced plans to reduce corporate and management headcount by 3,900 across its stores and supply chain/customer service network.
