© Reuters. Investing.com – Stocks rose for the fourth day in the last five as investors were cheered by Boeing's hope to get its 737 Max jet back into the air and gains in tech and retail stocks.
The S&P 500 gained 0.8%, with the Dow Jones Industrials up 0.9%. The Nasdaq Composite gained 0.9%.
The market opened smartly higher with the Dow up as many as 306 points, then lost a little momentum after minutes from the Federal Reserve's July meeting suggested its rate cut was a recalibration of current policy and not a signal of a major round of rate cutting.
Boeing (NYSE:BA) posted a 2.5% gain that added 54 points to the Dow's rise by itself. Twenty-nine of the 30 Dow stocks moved higher, with Walmart (NYSE:WMT) struggling to move into the black. Nike (NYSE:NKE) was the Dow leader, up 2.8%, followed by Boeing and Cisco Systems (NASDAQ:CSCO), up 1.75%.
Boeing's gain was prompted by its Tuesday announcement that it will hire several hundred temporary employees at its Moses Lake facility to work on the grounded 737 Max fleet and prepare the planes for return to service once regulators give them clearance to fly again. Boeing (NYSE:BA) hopes that approval will come early in the fourth quarter.
The planes will need to have new computer software installed, plus go through extensive checks and maintenance after not flying for several months.
Retailers were strongly higher, especially Target (NYSE:TGT) and Lowe’s (NYSE:LOW) after both reported better-than-expected fiscal-second-quarter results.
Oil prices were mixed. Gold was flat and interest rates moved higher as investor demand for stocks pulled money away from bonds.
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