The Dow Gets a Boeing Boost

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Over first_publish_headline|The Dow Is Soaring Because Investors Are Betting the Worst of the Coronavirus Hit Is Over flow NWREGULAR flow|NWREGULAR codetype FLOW value NWREGULAR source MANUAL status modified name Wires code NWREGULAR flow Barrons.com flow|Barrons.com codetype FLOW value Barrons.com source MANUAL status modified name Barrons.com code online name Online title Product code Barrons.com flow Barrons Blogs flow|Barrons Blogs codetype FLOW value Barrons Blogs title Product source MANUAL status modified name Barrons Blogs code Barrons_Blogs headline The Dow Is Soaring Because Investors Are Betting the Worst of the Coronavirus Hit Is Over headline|The Dow Is Soaring Because Investors Are Betting the Worst of the Coronavirus Hit Is Over idx xf500 idx|xf500 significance prominent name Fortune 500 why about source FACTIVA fcode xf500 codetype idx code xf500 onlinesignificance prominent in i364 in|i364 name Aerospace Products/Parts why lineage source FACTIVA fcode i364 codetype in 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https://www.barrons.com/articles/dow-jones-industrial-average-soars-as-market-bets-worst-of-coronavirus-over-51585159023 The Dow Is Soaring Because Investors Are Betting the Worst of the Coronavirus Hit Is Over The Dow Is Soaring Because Investors Are Betting the Worst of the Coronavirus Hit Is Over Dow Jones Industrial Average Soars as Market Bets Worst Of Coronavirus Over

The stock market is having another great day as big losers like Boeing and Delta Air Lines turn into winners.

The Dow Gets a Boeing Boost

Boeing’s 30% rise is having an outsize impact on the Dow because of how the benchmark is constructed. What that means.

https://www.barrons.com/articles/stock-market-not-getting-big-boost-from-coronavirus-stimulus-package-boeing-sure-is-51585139484 https://www.barrons.com/articles/boeing-stock-aerospace-airlines-suppliers-stimulus-covid-19-coronavirus-51585151672 https://www.barrons.com/articles/target-stock-sales-costs-coronavirus-51585151212 mailto:Ben.Levisohn@barrons.com The Dow Is Soaring Because Investors Are Betting the Worst of the Coronavirus Hit Is Over By Ben Levisohn

Day Two. The stock market has rescue-package fever—and the text of the bill hasn’t even been released yet. No matter. The Dow Jones Industrial Average has gained 1,231.62 points, or 6%, and looks set to close higher for a second day in a row, the first time that’s happened since Feb. 6.

The market, though strong, is not quite as strong as the Dow makes it look, however. The S&P 500 has risen 4.7% to 2563.20, and the Nasdaq Composite has advanced 3.1% to 7648.01. And there’s an obvious reason for that—Boeing (BA). Shares of the airplane manufacturer have gained 30% to $166.34 on hopes that the rescue package will help it weather the storm. Since the Dow is price weighted, it has gotten a major lift—274 of points of its gain—from the stock. The S&P 500 is market-cap weighted, so has a decent slug of Boeing, but not nearly as much as the Dow. Boeing, which is listed on the New York Stock Exchange, is not in the Nasdaq Composite.

Boeing, which has been among the market’s hardest hit stocks, is not the only loser that looks like a winner today. A quick glance at the S&P 500’s best performing stocks shows that they include Simon Property Group (SPG), which has gained 25%, Norwegian Cruise Line Holdings (NCLH), up 23%, Marathon Petroleum (MPC), which has risen 23%, and Delta Air Lines (DAL), up 21%. All had been hit hard during the bear market.

Former winners have become losers. Grocer Kroger (KR) has dropped 5.9%, Target (TGT), which withdrew its guidance Wednesday, has fallen 5.9%, and Walmart (WMT) is off 4.9%. Food makers Hormel (HRL) and Campbell Soup (CPB) are also among the top-10 losers, as are biotech stocks Amgen (AMGN) and Gilead Sciences (GILD). It’s almost as if the market is making a big bet that the worst of the coronavirus is over, or at least priced into some of the hardest-hit stocks.

Time will tell if it’s right.

Write to Ben Levisohn at Ben.Levisohn@barrons.com