The US markets ended mostly higher on Wednesday, with the Dow Jones Industrial Average booking its first back-to-back gains in about seven weeks, as investors have waded back into a battered market. Markets held on to a gains partly due to a substantial advance by shares of Boeing (BA), which spiked by 24.3 percent after a private report said the aerospace giant plans to restart 737 MAX production by May. Nike (NKE) also moved sharply higher after the athletic footwear and apparel maker reported better than expected fiscal third quarter results and said sales in China have rebounded since the coronavirus outbreak in the country has eased. However, upside remained capped amid a dispute between Senator Bernie Sanders, I-Vt., and several Republican Senators that could delay a massive stimulus package. Sanders said he is prepared to put a hold on the legislation unless the GOP Senators drop their objections to fast-tracking the bill over a provision that would increase maximum unemployment benefits by $600 a week for four months.
On the economic front, a report released by the Commerce Department showed an unexpected increase in new orders for US durable goods in the month of February. The Commerce Department said durable goods orders jumped by 1.2 percent in February after a revised uptick 0.1 percent in January. Street had expected durable goods orders to decrease by about 0.8 percent compared to the 0.2 percent dip that had been reported for the previous month. The unexpected increase in durable goods orders was largely due to a substantial rebounded in orders for transportation equipment, which spiked by 4.6 percent in February after falling by 0.9 percent in January.
Dow Jones Industrial Average surged 495.64 points or 2.39 percent to 21,200.55 and S&P 500 was up by 28.23 points or 1.15 percent to 2,475.56, while Nasdaq declined 33.56 points or 0.45 percent to 7,384.29.
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