S&P 500 and Nasdaq Composite had a sixth consecutive day of gains, rising 1.61% and 2.34% respectively, while the Dow Jones Industrial Average surged 554 points
Traders work on the floor of the New York Stock Exchange during morning trading on May 31, 2024 in New York City.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeand second-quarter results beat Wall Street estimates.
Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. Live long and prosper. Star Trek fans will instantly recognize the phrase. It also served as the inspiration for the ticker symbol, LLAP, of spacecraft manufacturerin a $450 million deal. Terran Orbital was one of many space companies, including Astra Space and Virgin Galactic, that went public through SPAC or special purpose acquisition company deals. Once valued at billions of dollars, these companies have seen their valuations collapse.
Stoltzfus, who has a 5,900 target for the S&P 500, told CNBC, "Essentially, things are looking good. We got resilience related to the consumer, resilience related to earnings, if you look at S&P 500, five sectors double-digit earnings growth, cyclicals still out performing defensives, and the beginning of the broadening of the market in some respects to the small and the mids ."
— CNBC's Michael Sheetz, Melissa Repko, Jeff Cox, Brian Evans, Pia Singh, Alex Sherman, Leslie Josephs and Spencer Kimball contributed to this report.
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