US stocks rally for second day as investors await $2-trillion aid package

A nearly empty 42nd Street in New York, the US, March 25 2020. Picture: ANGELA WEISS/AFP

Boeing surged 30%, bringing its gain over the past three sessions to over 70%, as investors bet on government support for the aerospace industry as well as airlines. American Airlines Group, United Airlines Holding and Delta Air Lines each jumped more than 15%.

"What the fiscal and monetary stimulus has done is to allow the market to recover," said Justin Hoogendoorn, head of fixed income strategy at Piper Jaffray in Chicago."It's not because the main street community is coming back. It's the institutional crowd being able to say, 'the world isn’t falling apart'."

Data due on Thursday is likely to show US weekly jobless claims surging to 1-million as companies announce layoffs and as state-wide lockdowns force businesses to shutter stores.

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