Dow rises fourth day in a row | Reddit darling AMC soars | Oil jumps
EDITOR'S NOTE
U.S. stocks kicked off June not with a roar, but with more of a whimper.
While the Dow Jones Industrial Average began Tuesday up 300 points, it faded throughout the morning and ended up finishing with a gain of just 45.86 points, or 0.13%. The S&P 500 proved even less dynamic with decline of 0.05%, while the Nasdaq Composite inched down 0.09%.
Much of Tuesday's market upside came from the reopening trade as investors snapped up stocks of companies that benefit most as the economy emerges from the Covid-19 pandemic.
American Airlines gained 1.7%, while United Airlines climbed nearly 2.3%. Boeing rose 3.1%. Cruise operators Carnival Corp. and Norwegian Cruise Line Holdings jumped 2% and 2.7%, respectively. Energy giant Exxon Mobile advanced 3.5%.  West Texas Intermediate oil for July delivery climbed by $1.40, or 2.1%, to settle at $67.72 — its highest since 2018.
Investors cited improving coronavirus statistics in the U.S. for the outperformance of such so-called cyclical stocks on Tuesday.
More than half the U.S. population has received at least one dose of a Covid vaccination, according to the Centers for Disease Control and Prevention. Inflation concerns, however, kept any burgeoning positivity in check.
Investors say higher prices are the result of supply shortages and recovering demand could force the Federal Reserve to hike interest rates and curb asset purchases sooner.
The Labor Department's upcoming May jobs report, due Friday, will update investors on whether workers are returning to the workplace in the droves expected or waiting for better compensation. TOP NEWS
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