NEW YORK (Pakistan Point News / Sputnik - 09th June, 2020) US stocks closed up for a sixth straight day on Monday, bringing the key S&P500 index back into positive territory for 2020 and propelling technology bellwether Nasdaq Composite index to a record high as Wall Street pushed for full recovery from the selloff triggered by the novel coronavirus pandemic.
Monday's rally came after the Federal Reserve expanded that its Main Street Lending Program will enable loans for more small- and medium-sized businesses, despite unexpected US job gains in May that suggested the economy was recovering faster than expected from the measures imposed to fight the pandemic.
The S&P 500, a barometer for the top 500 US stocks, settled up 1.7 percent on the day at 3,232. For the year, it was flat after falling as much as 33 percent in March.
The Nasdaq finished up 1.1 percent at 9,924 and was up 10 percent on the year. It hit a record high of 9,927 earlier in the session.
The Dow Jones Industrial Average, the broadest equities gauge on the New York Stock Exchange, settled the day up 1.7 percent at 27,572. The Dow remained down 3.4 percent on the year.
