Wall Street Closes Higher with Recovery Signs

Wall Street Closes Higher with Recovery Signs

US stocks made earn with the economic recovery, with the helping get rid of increasingly aggravated protests in the face of ongoing epidemic and rising US-Chinese tensions. Three major stocks started with less than 1% gain right after a strong May rally. While market giants Facebook Inc, Apple Inc and Amazon.com provided the biggest boost to S&P 500 and Nasdaq, Boeing Co gave Dow the greatest support. "The pace of the recovery on the stock market cannot continue exactly as it is. I am surprised that the market has performed so well," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. While the country was economically affected by coronavirus restrictions, the White House called for "law and order" for violent demonstrations after the black citizen George Floyd incident. While protests forced some retailers such as Target Corp and Walmart Inc to close down, Amazon.com did delivery calculations. However, economic data increased investor sentiment, and the procurement managers index (PMI) of the Procurement Management Institute (ISM) show that slows down the shrinkage in factory activity. According to the Ministry of Labor's job report, on Friday, the unemployment rate is expected to drop to 19.7%, A more comprehensive picture of the economic damage caused by outbreak restrictions will be seen. Dow Jones Industrial Average increased 0.36% to 25.475.02, S&P 500 rose 0.38% to 3.055.73 and Nasdaq Composite increased 0.66% to 9.552.05. All of the 11 major sectors in the S&P 500 have completed their transactions in the positive part, except for healthcare.