U.S. stocks closed higher as Boeing shares surged and investors hoped for a stimulus-backed economic rebound
Each of the 11 major S&P sectors was in positive territory, led by industrial .SPLRCI stocks.has rebounded about 36% from its March 23 closing low. Monday's gains pushed the index above its 200-day moving average, a technical support level it had fallen through with last week's decline.
Still, Wall Street was looking for more stimulus measures to buttress the economy. Analysts at Morgan Stanley said a further injection of cash was critical to the bank’s thesis for a “V”-shaped U.S. economic recovery. Although a $3 trillion aid bill was passed by the House of Representatives in May, the Republican-controlled Senate has not taken up the package and lawmakers are not expected to move toward another coronavirus bill until sometime in July.
FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease continues in the Manhattan borough of New York, U.S., May 28, 2020. REUTERS/Lucas Jackson
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