Stocks rally on reopening, stimulus hopes

NEW YORK: The three major averages on Wall St were poised for their fourth gain in five session on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve.

Still, with economic data likely to be dismal in the coming weeks, there is concern that stocks may have gotten ahead of themselves, with the S&P up nearly 33per cent from its March 23 closing low. Minutes from the Federal Reserve's most recent policy meeting showed the central bank pledged to act as appropriate to support the economy until it is on track to recovery, a sentiment that Fed Chair Jerome Powell has voiced in recent days.The Dow Jones Industrial Average rose 360.8 points, or 1.49per cent, to 24,567.66, the S&P 500 gained 47.95 points, or 1.64per cent, to 2,970.89, and the Nasdaq Composite added 174.88 points, or 1.9per cent, to 9,359.99.

As states across the country begin to loosen restrictions, hopes for an economic rebound have grown. The NYSE Arca airlines index jumped 5.35per cent as Delta Air Lines Inc's chief executive officer said he was confident travel will return in the next 12 to 18 months.

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