The index’s rally has been powered by Boeing, which has seen a resurrection of its stock price this week on word that federal help is on the way. The aerospace giant’s shares jumped 13 percent, to $180 a share. Its shares were trading below $100 on Monday. Chevron, Walgreens Boots Alliance and UnitedHealth Group also paced the Dow’s performance.
“It’s proof that greed isn’t dead, and neither is optimism” said Michael Farr, president of Farr, Miller & Washington, an investment management firm. “Investors are anxious to have the worst behind us, but with 3 million unemployed and the number likely to go higher, it’s premature to say this market has made its lows.”
The Standard & Poor’s 500 index ended up 6.2 percent, 155 points, to close at 2,630.07. The broad index is up more than 15 percent since Monday, its best three days since 1933. The S&P remains 22 percent off its Feb. 19 peak, according to Howard Silverblatt of S&P Dow Jones Indices.
The Nasdaq composite jumped 5.6 percent, closing at 7,797.54.
The coronavirus bill the Senate passed Wednesday night is the largest economic intervention in U.S. history. It will provide checks to more than 150 million American households, launch massive loan programs for businesses and direct spending to unemployment insurance programs, hospitals, localities and more.
The relief cannot come soon enough for those who have already lost jobs and business owners who have closed down. There is near-universal agreement that the country’s economic system faces months, if not years, of difficulties. A record 3.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday.
Some investors have a simple explanation for the market’s big gains this week.
“The easy answer