S&P 500 closes higher but loses steam into the closeDow +495.64 at 21200.61, Nasdaq -33.56 at 7383.65, S&P +28.23 at 2475.56 [BRIEFING.COM] The S&P 500 advanced as much as 5.1% on Wednesday, as investors continued to buy beaten-up shares of companies after the Senate agreed to a revised stimulus plan, but the market faltered into the close amid some political drama and profit taking. The benchmark index finished up 1.2% for the session. The Dow Jones Industrial Average (+2.4%) outperformed on the back of Boeing ($BA 158.73, +31.05, +24.3%). The Russell 2000 increased 1.3%, while Nasdaq Composite declined 0.5%. An agreement was reached in the early hours of the morning, but a vote in the Senate was delayed today due to a minor drafting error in the bill. There was some hope that the House would then approve the bill with a unanimous consent resolution despite lingering complaints in order to provide financial relief for Americans and businesses as soon as possible. All S&P 500 sectors were on pace to close in positive territory, but sentiment soured after Senator Sanders threatened to hold up the coronavirus bill and demand new restrictions on the $500 billion fund for corporations. Rep. Alexandria Ocasio-Cortez also warned she may oppose the unanimous consent resolution, which could further delay financial relief. The stimulus isn't going to help slow down the rate of coronavirus infections, but it may speed an economic recovery if the nationwide efforts to curb the virus prove successful. Granted, there's still uncertainty about that outlook, but the market has gotten anxious about getting funding to the businesses and workers who need it most right now. By session's end, eight of the 11 S&P 500 sectors still closed higher, led by the industrials (+5.3%), energy (+4.5%), and real estate (+4.5%) sectors. The communication services sector (-1.6%) was dragged lower by an acknowledgement from Facebook ($FB 156.21, -4.77, -3.0%) that it has seen a weakening in its ads business. Boeing shares surged 24%, as the company stands to benefit from the stimulus bill that will rescue the airline industry. Reports indicated the company could also receive direct aid from Washington and that the company aims to restart production of the 737 MAX by May. Nike ($NKE 79.01, +6.68, +9.2%) shares rose 9% after the company beat revenue estimates and said it's seeing improving market conditions in China, Japan, and Korea. Apple ($AAPL 245.52, -1.36, -0.6%) slipped with the broader market and amid a Nikkei Asian Review report suggesting it might consider delaying the launch of the 5G iPhone by months. U.S. Treasuries finished mixed with shorter-dated maturities posting gains that drove yields on the four-week bill (-6 bps to -0.05%) and three-month bill (-4 bps to -0.03%) negative. The 2-yr yield declined seven basis points to 0.30%, while the 10-yr yield increased four basis points to 0.86%. The U.S. Dollar Index declined 1.2% to 100.86. WTI crude rose 2.5%, or $0.60, to $24.53/BBL. Reviewing Wednesday's economic data: February durable goods orders increased 1.2% (Briefing.com consensus -1.4%). Excluding transportation, durable goods orders declined 0.6% (Briefing.com consensus -0.2%).The key takeaway from the report is that business spending was soft in February, which is disappointing in and of itself, but all the more disappointing knowing that it is going to collapse now in the face of the shutdown measures adopted to stop the spread of the coronavirus.The FHFA Housing Price Index increased 0.3% in March after increasing 0.6% in February.The weekly MBA Mortgage Applications Index dropped 29.4% following an 8.4% decline in the prior week. Looking ahead, investors will receive the weekly Initial and Continuing Claims report, the third estimate for Q4 GDP, and the Advance reports for International Trade in Goods, Retail Inventories, and Wholesale Inventories for February on Thursday. Nasdaq Composite: -17.7%S&P 500: -23.4%Dow Jones Industrial Average: -25.7%Russell 2000: -33.5% Market Snapshot Dow21200.61+495.64(2.39%)Nasdaq7383.65-33.56(-0.45%)SP 5002475.56+28.23(1.15%)10-yr Note 0/320.845NYSEAdv 2327 Dec 573 Vol 1.8 blnNasdaqAdv 2179 Dec 1222 Vol 4.6 bln Industry Watch Strong: Energy, Industrials, Real EstateWeak: Communication Services, Information Technology, Consumer Staples Moving the Market -- Stock market loses steam into the close amid some political drama that could delay the stimulus bill-- S&P 500 closed higher, while the Nasdaq slipped into the red-- Boeing (BA) carried the Dow higher-- Shorter-dated Treasuries posted gainsECONOMIC EVENTS: In U.S. data, durable goods orders increased 1.2% in February. The FHFA house price index rose 0.3% to 284.4 in January. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 454,398 cases of COVID-19 and 20,550 deaths. In New York, which has become the "epicenter" of the outbreak in the U.S., Governor Andrew Cuomo said 30,811 people have tested positive, 12% are currently hospitalized, and 3% of positives are ICU patients. TOP NEWS: Shares of U.S. airlines surged after U.S. legislative leaders and the Trump administration reached a deal over an estimated $2T stimulus bill aimed at mitigating the economic impacts from the coronavirus outbreak, which includes a $50B package for the U.S. airline and cargo industry. Following the news, Deutsche Bank analyst Michael Linenberg upgraded to Buy from Hold shares of American Airlines ($AAL), Alaska Air ($ALK), Delta Air Lines ($DAL), JetBlue ($JBLU), Southwest ($LUV), Spirit Airlines ($SAVE) and United Airlines ($UAL), and upgraded Hawaiian Holdings ($HA) to Buy from Sell, saying he believes the stimulus package will support the sector at least through 2020, "and that is even after assuming a draconian outlook for air travel demand for the remainder of the year." Of note, United Airlines said that it expects a 52% overall domestic schedule reduction and an international schedule cut of 90% for the month of April. Boeing ($BA) shares jumped 24.4% after news of the stimulus agreement, with the Washington Post reporting that the package includes a $17B federal loan program for businesses deemd "critical to maintaining national security." While the provision does not mention the planemaker by name, two sources told the Post that the provision was crafted largely for Boeing's benefit. Meanwhile, shares of Facebook ($FB) were almost 3% lower after the social media giant said in a blog post last night that it has seen a weakening in its ads business in countries taking aggressive actions to reduce the spread of COVID-19. Following the announcement, SunTrust analyst Youssef Squali cut his price target on the shares to $230 from $265, saying that while visibility on the turnaround timing is "poor," he expects Facebook to emerge from the crisis thanks to the growing user engagement, its effectiveness for advertisers, and its "excellent" financial position. CVS Health ($CVS) was in focus after it announced that it is waiving cost-sharing and copays for inpatient hospital admissions related to COVID-19 for Aetna's commercially insured members. In other COVID-19 news, UnitedHealth ($UNH) shares rose 6.7% after the company said that a study led by UnitedHealth Group Research & Development and OptumCare clinicians has demonstrated that a simple, self-collected test is as effective in identifying COVID-19 infections as the current clinician-collected test. Meanwhile, the Nikkei Asian Review reported that Apple ($AAPL) is preparing to potentially postpone the launch of its first 5G iPhone as the COVID-19 pandemic threatens demand and disrupts the product development schedule. MAJOR MOVERS: Among the noteworthy gainers was Apollo Commercial ($ARI), which surged 75% after it said it is "well-prepared" to function remotely amid the coronavirus pandemic. Also higher was Two Harbors ($TWO), which rose 79.3% after it suspended its first quarter common stock and preferred stock dividends. Among the notable losers was WWE ($WWE), which fell just under 12% after Loop Capital downgraded the stock to Sell from Hold, saying that a "transformative deal" for the company is not coming. Additionally, WWE's CEO Vince McMahon is selling part of his stake in the company through Morgan Stanley at $38 per share, with Loop analyst Alan Gould saying it amounts to about 15% of McMahon's holdings. Also lower was CenturyLink ($CTL), which slid over 9% after Citi analyst Michael Rollins downgraded the stock to Sell from Neutral.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. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. 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