Market closes at session highs, led by financialsDow +299.66 at 25745.62, Nasdaq +107.84 at 10017.01, S&P +33.43 at 3083.63 [BRIEFING.COM] The S&P 500 gained 1.1% on Thursday, recouping some of yesterday's decline, amid solid leadership from the financials sector (+2.7%). The Dow Jones Industrial Average (+1.2%) and Nasdaq Composite (+1.1%) kept pace with the benchmark index, while the Russell 2000 (+1.7%) outperformed. The session started on a lower note following news that the U.S. tallied a daily record for new coronavirus cases yesterday. The S&P 500 fell 0.9%, but it quickly bounced back into positive territory after nearly touching its 200-day moving average (3021) and was led higher by shares of financial companies after regulators eased restrictions on the Volcker Rule for banking institutions. Financials stocks took the news in stride, as the modification allows banks to increase their investments in a broad set of venture capital funds, but the major indices proceeded to drift near their flat lines for a good portion of the day. The market, however, broke out late in the session and carried nearly every sector into positive territory, except the utilities sector (-1.2%). There was no news item that contributed to the breakout, but it might have been fueled by some short covering activity from investors anticipating more weakness in the market due to the negative coronavirus headlines. Notably, Texas and Florida announced a temporary pause of additional reopening phases, CDC officials told reporters that COVID-19 cases in the U.S. might be ten times higher than currently reported, and Walt Disney ($DIS 111.36, -0.71, -0.6%) delayed its reopening date of Disneyland past July 17. Weekly jobless claims also remained high, decreasing by just 60,000 to 1.480 million (Briefing.com consensus 1.250 million) for the week ending June 20. The good news was that continuing claims declined noticeably by 767,000 to 19.522 million. In other corporate news, Boeing ($BA 174.88, -1.81, -1.0%) was downgraded to Sell from Hold at Berenberg, and KB Home ($KBH 29.38, -3.95, -11.9%) disappointed investors with its quarterly results. U.S. Treasuries posted modest gains for the second straight session. The 2-yr yield declined two basis points to 0.16%, and the 10-yr yield declined one basis point to 0.67%. The U.S. Dollar Index increased 0.2% to 97.35. WTI crude increased 2.0%, or $0.75, to $38.75/BBL. Reviewing Thursday's economic data: Initial claims for the week ending June 20 decreased 60,000 to a still-high 1.480 million (Briefing.com consensus 1.250 million). Continuing claims for the week ending June 13 plunged by 767,000 to 19.522 million.The key takeaway from the report is that, while it was nice to see the big drop in continuing claims, it remains alarming still to see such high levels of initial claims, particularly since the reacceleration in coronavirus case counts and a rethink of reopening efforts are going to trigger worries about another wave of layoffs.Durable Goods Orders for May increased 15.8% (Briefing.com consensus 11.6%) on the heels of a downwardly revised 18.1% decline (from -17.7%) in April. Excluding transportation, orders rose 4.0% (Briefing.com consensus 2.1%) following a downwardly revised 8.2% decline (from -7.7%) in April.The key takeaway from the report is that order activity clearly rebounded in May, yet new order levels year to date are 13.6% lower than the same period a year ago on a not seasonally adjusted basis.The third estimate for Q1 GDP was unchanged at -5.0% (Briefing.com consensus -5.0%) while the GDP Price Deflator was unchanged at 1.4% (Briefing.com consensus 1.4%).The key takeaway from this report is that it is insignificant for the market given its dated nature.Personal consumption expenditures growth was unchanged from the second estimate at -6.8%.The advance goods trade deficit totaled $74.3 bln in May following a $70.7 bln deficit in April. Advance retail inventories declined 6.1% in May after decreasing 3.8% in April. Advance wholesale inventories decreased 1.2% in May after increasing 0.2% in April. Looking ahead, investors will receive the Personal Income and Spending report for May and the revised University of Michigan Index of Consumer Sentiment for June on Friday. Nasdaq Composite +11.6% YTDS&P 500 -4.6% YTDDow Jones Industrial Average -9.8% YTDRussell 2000 -15.3% YTD Market Snapshot Dow25745.62+299.66(1.18%)Nasdaq10017.01+107.84(1.09%)SP 5003083.63+33.43(1.10%)10-yr Note 0/320.683NYSEAdv 1876 Dec 1037 Vol 966.8 mlnNasdaqAdv 2252 Dec 1071 Vol 4.6 bln Industry Watch Strong: Financials, EnergyWeak: Utilities, Consumer Discretionary, Real Estate Moving the Market -- Stock market breaks out to session highs after trading little changed -- Volcker rule relaxed, financials stocks gain-- S&P 500 found support at 200-day moving average (3021)-- Rethinking the reopening due to re-acceleration in new coronavirus casesECONOMIC EVENTS: In U.S. data, the first quarter GDP contraction rate of 5.0% was left unrevised, as expected, in the third look at the data. The advance goods trade deficit widened to $74.3B in May from $70.7B in the prior month as exports fell 5.8% to $90.1B and imports dropped 1.2% to $164.4B. Initial jobless claims fell 60,000 to 1.48M in the week ended June 20. Durable orders bounced 15.8% in May, which was a little firmer than expected. TOP NEWS: Shares of Disney ($DIS) are down for a second day in a row as plans for its park reopenings have become more murky. Yesterday morning it was reported that workers were urging Disney and government officials to reconsider opening Disney World next month as coronavirus cases surge in Florida and yesterday night the company confirmed that Disneyland's reopening in California is being delayed beyond the initially targeted date of July 17, with no alternative date given. Separately, The Wall Street Journal's R.T. Watson reported that Walt Disney is considering postponing the July 24 release of "Mulan." s, citing a person familiar with the matter. The rescheduling could call into question hopes across Hollywood and the movie-theater industry to have cinemas up and running next month. Macy's ($M) announced details of a restructuring that the department store operator said "will align its cost base with anticipated near-term sales as the business recovers from the impact of the COVID-19 pandemic." The company will reduce corporate and management headcount by approximately 3,900 and has reduced staffing across its stores portfolio, supply chain and customer support network, which it will adjust as sales recover, Macy's said. Boeing ($BA) shares are 2% lower near noon after Berenberg analyst Andrew Gollan downgraded the stock to Sell with a $150 price target. The analyst suggests investors "lock in any gains" ahead of what should be weak Q2 results next month. Given Boeing's ongoing challenges, the 737 MAX outlook being under more pressure and its high leverage, Gollan sees the shares "pricing in too much optimism," he told investors. MAJOR MOVERS: Among the noteworthy gainers was Athersys ($ATHX), which rose 25% after BofA analyst Greg Harrison initiated coverage of the stock with a Buy rating and $5 price target. Also higher was Rite Aid ($RAD), which gained 23% after reporting quarterly results. Among the notable losers was uniQure ($QURE), which slid 21% after announcing a licensing agreement providing CSL Behring with exclusive global rights to etranacogene dezaparvovec, uniQure's investigational gene therapy for patients with hemophilia B. Also lower was KB Home ($KBH), which fell 12% after reporting quarterly results.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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