A fresh, broad rally for US equity markets - Dow up +527-points or +2.05% to 26,269.89. Boeing Co (up +12.95%) jumped following reports that billionaire investor Daniel Loeb’s Third Point had taken a stake in the aerospace group. American Express Co (+6.39%) was also a key contributor to the Dow’s latest rise. The broader S&P500 gained +1.36% to 3,112.87, posting its first four day winning streak since early February. Industrials (up +3.91%), Financials (+3.83%) and Energy (3.05%) led ten of the eleven primary sectors higher. Health Care (down -0.20%) was the only laggard. Data compiled by LPL Financial showed the S&P 500 posted its largest 50-day rally in history. The data also showed stocks were higher 100% of the time six and 12 months after the previous largest rallies on record. Both the Dow and S&P500 logged their highest close since 4 March. The NASDAQ rose +0.78% to 9,682.91 and settled ~1.4% below its 19 February record closing high (9,817.18). The Nasdaq-100 briefly traded above its February peak late in the session. The small capitalisation Russell 2000 index gained +2.4%. AMC Entertainment Holdings Inc fell -2.5% after the US’ largest cinema chain warned of a first-quarter loss of between US$2.1B and US$2.4B in its preliminary quarterly release as its theatres stay closed due to the coronavirus. The company did observe that they “believe, but cannot guarantee, that the exhibition industry will ultimately rebound and benefit from pent-up social demand for out-of-home entertainment, as government restrictions are lifted and home sheltering subsides”.
