S&P 500 top movers: Boeing shares rise nearly 30% on hopes of airline bailout
- US airlines will reportedly receive direct grants under coronavirus relief bill.
- Boeing Co (BA) leads the rally by gaining more than 29%.
- Delta Air Lines Inc (DAL) adds 18%, cruise liners' shares extend sharp rebound.
Wall Street's main indexes are building on Tuesday's impressive gains as the risk-on rally continues with US lawmakers reaching a deal on the $2 trillion coronavirus relief bill.
As of writing, the Dow Jones Industrial Average was adding 5.5% on the day while the S&P 500 and the Nasdaq Composite were up 4.15% and 1.75% respectively.
S&P 500 top movers
US airlines will receive direct grants and the US government will take equity shares in airlines receiving federal funds under the coronavirus emergency legislation, CNBC reported on Wednesday. Although the details of the legislation are yet to be released, Boeing Co (BA) shares' price rose sharply and was last seen up 29.1% on the day at $165 as the top gainer.
Delta Air Lines Inc (DAL) also gained traction on this headline and is adding more than 18% behind Royal Caribbean Cruises Ltd (RCL) and Norwegian Cruise Line Holdings Ltd (NCLH), which were up 25% and 23%, respectively.
On the other hand, Kroger Co (KR) and Target Corp (TGT) are both down around 5% on the day as top decliners.