Dow climbs 527 points as positive economic data fuels gains on Wall Street

A sign for Wall Street hangs outside at the New York Stock Exchange on Wall Street in New York City. Photo Courtesy: Wikipedia

June 3 (UPI) — U.S. stocks continued gains on Wall Street Wednesday, fueled by positive economic figures.

The Dow Jones Industrial Average closed up 527 points, or 1.9 percent, on Tuesday. The blue chip index gained almost 270 points on Tuesday and has closed with gains for three straight days.

The S&P 500 climbed 1.36 percent and the Nasdaq Composite gained 0.78 percent.

Wall Street was influenced Wednesday by a private jobs report that said the U.S. economy lost just 2.7 million jobs in May, far less than analysts had projected. The data stirred investor confidence as the United States continues to reopen during the coronavirus pandemic.

The Labor Department’s official May jobs report will be released Friday.

Stocks expected to benefit from the lifting of restrictions to prevent the spread of COVID-19 have led markets higher throughout the week and continued to rise Wednesday. United Airlines stock gained 12.50 percent, Delta grew 7.76 percent and American Airlines increased 5.61 percent.

Bank stocks also climbed, as JPMorgan Chase rose 5.40 percent, Wells Fargo stock climbed 5.22 percent and Bank of America gained 4.61 percent.

Conversely, stocks that rose following the announcement of lengthy lockdown orders declined, with Shopify dropping 2.22 percent and Netflix falling 1.25 percent. Amazon closed up just 0.24 percent after losses earlier in the day.


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