March 15 Reuters Wall Street climbed on Monday, with the SP 500 closing at a record high, as investors awaited cues from the Federal Reserve this week amid caution over rising borrowing costs spurred by massive fiscal stimulus.
In a concrete sign that the worst of the damage from the coronavirus pandemic may be over for the airline industry, Delta Air Lines, Southwest Airlines and JetBlue Airways said leisure bookings were rising.
The SP 1500 airlines index jumped to a oneyear high, while other travelrelated stocks, including Carnival Corp , Wynn Resorts and MGM Resorts also gained.
Most of the 11 major SP sector indexes rose, led by utilities and real estate.
Major stock indexes on Friday logged their best week in six after mass vaccinations and congressional approval of a 1.9 trillion aid bill accelerated demand for stocks expected to outperform as the economy reopens, such as banks, energy, materials companies.
The Russell growth index outperformed the Russell value index in a modest reversal of investors recent trend away from technology and other highgrowth stocks.
With the vaccine positive news and the stimulus, we think there will continue to be a fair amount of rotation out of the stayathome stocks, said Greg Bassuk, CEO of AXS Investments. We are bullish on financial services and energy coming out of the pandemic.
At the end of Feds twoday meeting on Wednesday, policymakers are expected to forecast that the U.S. economy will grow in 2021 at its fastest…