Dow ends up 2.1%, extending rally on recovery hopes

NEW YORK - Wall Street stocks surged on Wednesday , again betting on an economic rebound in the United States following coronavirus shutdowns and shrugging off rising tensions with China.The broad-based S&P 500 gained 1.4 per cent to 3,122.87, while the tech-rich Nasdaq Composite Index advanced 0.8 per cent to 9,682.91, moving to within striking distance of its all-time high.

Yet the losses were below the nine million expected by economists, who have been predicting a rebound in employment thanks to states' moves to reopen and a massive government rescue package that has allowed some companies to retain or rehire workers. While most economic data remains"dismal," the reports"are becoming less bad at the margins," said Quincy Krosby, chief market strategist at Prudential Financial.Besides the weak data, investors also looked past a US order to suspend all flights by Chinese airlines into and out of the United States in the latest example of growing friction between the world's two largest economies.These include industrial companies like Boeing, up 13 per cent, oil giant Exxon Mobil, up 4.

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