US equity markets continued to rally amid ongoing optimism around the potential economic recovery as coronavirus lockdown measures continued to ease - Dow rose +461-points or +1.70% , logging its sixth consecutive advance and trimming its 2020 losses to -3.3%. Boeing Co was once again at the forefront of the Dow’s latest gains with a +12.2% jump (to be ~65% higher over the past month). The broader S&P500 gained +1.20% (to 3,232.39) climbing back into positive territory for the calendar year (up +0.05%) in the closing minutes of the session. Since 23 March, the S&P 500 has rallied more than >47% while the Dow has gained over >50%. Energy (up +4.32%), Utilities (+2.64%) and Real Estate (+2.15) all advanced over >2% to lead all eleven primary sectors higher. Companies tied to the reopening of the economy, including airlines, retailers and cruise lines, led the gains once again. United Airlines rallied +14.8%, American Airlines +9.2 and cruise operator Carnival Corp +15.8%. Shares of The technology-centric NASDAQ gained +1.13% to settle at a record closing high (9,924.74) and extend its year-to-date gain to +10.6%. Tesla Inc (up +7.26% at US$949.92) logged a record closing high. The small capitalisation Russell 2000 index gained +2%. Hertz Global Holdings Inc surged +115.2% higher (to US$5.53 versus a recent record low of US$0.56c) on record trading volume of more than >517.5M shares, erasing all the losses suffered since the car rental company declared bankruptcy (after the closing on Friday, 22 May), amid increasing signs that travel demand continues to improve.
