Australia markets closed

Wall Street ends higher on Boeing bump, stimulus eyed

Wall Street stocks closed higher on Monday and the S&P 500 was poised to clinch its biggest quarterly percentage gain since 1998 as investors hoped for a stimulus-backed economic rebound.

Shares of Boeing jumped more 14 percent to help boost the Dow after a 737 MAX took off on Monday from a Seattle-area airport on the first day of certification flight testing with Federal Aviation Administration.

It was a crucial moment in Boeing’s worst-ever crisis. The planes have been grounded since March of 2019 after of two fatal crashes.

Beauty company Coty jumped more than 13% after the company said it would buy a 20% stake in Kim Kardashian West's makeup brand for $200 million.

And data on Monday showed contracts to buy previously owned homes rebounded by the most on record in May, suggesting the housing market was starting to turn around.

A spike in virus infections in Southern and Western states last week sent the S&P 500 down nearly 3%, but the threat of a deeper-than-feared recession has led investors to expect more stimulus measures from the Federal Reserve or Congress.