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Dow rallies 500 points to start week | Recertification begins on 737 Max | Will reversed reopenings stall economy?

Email sent: Jun 29, 2020 4:14pm

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Stocks rose on Monday on positive developments for Boeings 737 Max.

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MON, JUN 29, 2020

EVENING BRIEF
 

AS OF MON, JUN 29, 2020 • 04:13 ET

DJIA 25595.80
+2.32% +580.25
S&P 500 3053.24
+1.47% +44.19
NASDAQ 9874.15
+1.20% +116.93

 

Most Active
DOW
NAME LAST CHG %CHG
BA 194.49 +24.48 +14.40%
AAPL 361.78 +8.15 +2.30%
MSFT 198.44 +2.11 +1.07%
S&P 500
NAME LAST CHG %CHG
AAL 13.32 +0.94 +7.59%
BA 194.49 +24.48 +14.40%
GE 6.80 +0.32 +4.94%
NASDAQ
NAME LAST CHG %CHG
AAL 13.32 +0.94 +7.59%
UAL 35.27 +2.38 +7.24%
FB 220.64 +4.56 +2.11%

EDITOR'S NOTE

 
 

Stock market investors clearly weren't concerned on Monday about rising coronavirus cases, reversed reopening plans or even the millions of Americans who remain unemployed.

 

The Dow Jones Industrial Average surged more than 500 points, buoyed by a gain of more than 14% by Boeing after the Federal Aviation Administration began recertification flights of the company’s long-troubled 737 Max.

 

Investors will be looking to the June jobs report on Thursday to gauge the economy's recovery from the ongoing pandemic. CNBC's Yun Li reports that nearly half of the U.S. population is unemployed, according to the employment-to-population ratio.

 

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“To get the employment-to-population ratio back to where it was at its peak in 2000 we need to create 30 million jobs,” said Torsten Slok, Deutsche Bank’s chief economist.

 

For Thursday's employment report, economists expect to see that 3.15 million jobs were created in June, up from 2.5 million in May, which was both surprising and the biggest payrolls increase ever in a single month. Still, it's a long way to 30 million.

 

“Right now the economy’s recovery is being dragged down by the millions and millions of Americans without jobs,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “The massive job losses mean the economy isn’t out of the woods yet.”

 

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