US equity markets rallied, the technology-centric Nasdaq booking another record closing high - Dow up +131-points or +0.50%, with Apple Inc (+2.13%) and Nike Inc (+2.42%) among the leading performers. Apple Inc recorded its sixth record closing high (US$366.53) this month, with the stock rallying +63% in the past three months. The latest gains came after the company unveiled new operating systems for its iPhones and computers at the World Wide Developers Conference on Monday (22 June). Apple also said it would use its own chips when building new Mac computers, ditching Intel Corporation’s in the process. The broader S&P500 added +0.43% . The latest rally left the S&P 500 up more than 42% from its March 23 intraday low. The broad-market index is also down just 3.1% year to date. American Airlines Inc (down -6.2%) raised nearly US$2B, partially through an offering of 74.1M shares at $13.50 per share, as the airline moves to raise cash and bolster its liquidity position during the coronavirus pandemic. The airline also priced an offering of US$1B of convertible bonds that mature in 2025 at 6.50% NASDAQ rose +0.74% (to 10,131.37), recording its second straight record closing high and eight consecutive session advance (the longest winning streak since the 11 straight session gains posted in December last year). Amazon.com Inc (up +1.86%) hit a fresh all time high (US$2,783.11). The Nasdaq Composite’s advantage over the Dow and S&P 500 is the biggest since 1983, while the divergence between the S&P 500 and the Dow is widest since 2002, according to Dow Jones Market Data.
