S&P 500 turns positive for the yearDow +461.46 at 27572.44, Nasdaq +110.66 at 9924.77, S&P +38.46 at 3232.26 [BRIEFING.COM] The S&P 500 rose 1.2% on Monday, turning positive for the year amid continued strength in value and cyclical stocks. The Nasdaq Composite (+1.1%) closed at a new all-time high, while the Dow Jones Industrial Average (+1.7%) and Russell 2000 (+2.0%) pulled ahead. There were few macro developments to alter the market's bullish trend, allowing investors to continue to pile into beaten-up stocks that have more upside potential with a ramp-up in economic activity. Boeing ($BA 230.50, +25.07, +12.2%) was one such name, including others within the airline, cruise line, energy, and retail industries. All 11 S&P 500 sectors closed higher. The energy sector set the performance pace with a 4.3% gain, followed by the utilities (+2.6%) and real estate (+2.2%) sectors. The materials sector (+0.1%) eked out a last-minute gain as the broader market rallied into the close. The information technology sector (+0.5%) overcame an early 1.2% decline. The market's persistent gains since the March 23 low appeared to engender a sense of trading complacency. Hertz ($HTZ 5.53, +2.96, +115.2%), for example, filed for Chapter 11 bankruptcy protection on May 26, but the stock finished the session up 888% since its May 26 closing price, including today's 115% gain. The Fed's loose monetary policy has played a large role in the stock market's V-shaped recovery. On Monday, the central bank expanded its Main Street Lending Program to allow more small and medium-sized businesses to receive financial support. Separately, Amazon ($AMZN 2524.06, +41.06, +1.7%) shares hit a new all-time high, benefiting from RBC Capital Mkts raising its price target to $3300 from $2700. U.S. Treasuries ended the session mixed. The 2-yr yield increased one basis point to 0.22%, while the 10-yr yield declined two basis points to 0.88%. The U.S. Dollar Index declined 0.3% to 96.67. WTI crude declined 3.2%, or $1.26, to $38.24/BBL. On a related note, OPEC+ agreed to extend the 9.7 mbpd production output cut through the end of July. Investors did not receive any economic data on Monday. Looking ahead to Tuesday, investors will receive the NFIB Small Business Optimism Index for May, the JOLTS - Job Openings report for April, and Wholesale Inventories for April. Nasdaq Composite +10.6% YTDS&P 500 +0.1% YTDDow Jones Industrial Average -3.4% YTDRussell 2000 -7.9% YTD Market Snapshot Dow27572.44+461.46(1.70%)Nasdaq9924.77+110.66(1.13%)SP 5003232.26+38.46(1.20%)10-yr Note +3/320.874NYSEAdv 2396 Dec 550 Vol 1.4 blnNasdaqAdv 2470 Dec 856 Vol 6.1 bln Industry Watch Strong: Energy, Industrials, Financials, Real Estate, UtilitiesWeak: Information Technology, Communication Services, Materials Moving the Market -- S&P 500 extends recovery rally, Nasdaq sets new all-time high-- Value-oriented and cyclical stocks remain strong; relative weakness in tech stocks-- Little macro news to deter positive trendThe S&P and Dow are are continuing their rally as they find continued support from the jobs report Friday that provided a huge boost to optimism over the economic recovery. The poster child, so to speak, for that recovery optimism that has taken hold is Boeing, which continues its rise alongside beaten down sectors such as the airlines and cruise lines. ECONOMIC EVENTS: The latest data from the Johns Hopkins Whiting School of Engineering shows there are now 7.05M confirmed cases of COVID-19, including nearly 2M in the U.S., and 409,886 deaths due to the disease. TOP NEWS: Shares of Gilead Sciences ($GILD) are a bit higher near noon, but well off their early highs, after Bloomberg reported over the weekend that AstraZeneca ($AZN) made a preliminary approach toward the company about a potential merger. Commenting on the report, CNBC's David Faber reported on Monday morning that the companies are not in merger talks, citing several sources who indicated there is "nothing happening" between AstraZeneca and Gilead. Meanwhile, analysts at Citi and JPMorgan said they see low odds of such a deal taking place. Shares of Boeing ($BA) continue their recent rebound, adding another 12% so far this morning. Seaport Global analyst Richard Safran initiated coverage of the stock with a Buy rating and $277 price target, stating that he agrees with investor sentiment getting more positive as he argues that history shows Boeing generally outperforms early cycle industrials in an economic recovery. Also this morning, Goldman Sachs analyst Noah Poponak raised the firm's price target on Boeing to $238 from $209, telling investors that his analysis of 30 individual airlines and leasing companies shows that customers have only revised their 2020 and 2021 delivery plans by 17%. This is less than the production cuts Boeing and Airbus ($EADSY) have announced and "far less than we assume the market fears," said Poponak. MAJOR MOVERS: Among the noteworthy gainers were a number of other rebound names that continue to snap back as optimism permeates the market, including Carnival ($CCL), Norwegian ($NCLH), United Airlines ($UAL) and American Airlines ($AAL). Among the notable losers was Emergent BioSolutions ($EBS), which fell 19% after Adapt's Narcan patents were invalidated on Friday. Guggenheim analyst Dana Flanders said the news paves the way for a potential at-risk generic launch from Teva ($TEVA) and he now expects investor focus to turn to the potential risk to about 25% of Emergent's earnings, which is his estimate of Narcan's contribution. Also lower was Grubhub ($GRUB), which slipped 8% after CNBC's David Faber reported, citing his sources, that Uber ($UBER) is resisting the former's request for anti-trust concessions in their talks about a potential merger. The two sides "are not making a lot of progress there," Faber added in his on-air report about the deal talks.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. 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