(Repeats from Friday, no changes to text. Adds chart) ** S&P 500 up for 2nd straight week, adds 3%. President Trump’s three-stage plan to reopen the economy helps boost markets on Fri ** Indeed, the market’s bounce has extended ** Action has the SPX on the mend, though the waves may still be rough ** Majority of sectors find their way to gains: consumer discretionary and healthcare lead, while financials take an off ramp ** Consumer discretionary surges 7.9%. Amazon.com hits record high as “stay at home” stocks rip again . But retailers, restaurants dive on gloomy Mar sales data ** Healthcare jumps 6.1%. Gilead rises Fri on report experimental drug, remdesivir, in clinical trial showed promise in COVID-19 patients. And Johnson & Johnson advances on Q1 beat, sees medical device business recovery in Q4 ** Tech gains 4.8%. Apple lifts amid launch of new budget iPhone, but pares gains Fri as analyst says it’s time to sell shares due to global coronavirus-related lockdowns ** Communication Services up 4.1%. Netflix roars to record high as lockdowns, “Tiger King” spur more Street price target raises ** Industrials dip 0.1%. But Boeing soars Fri on plans to restart commercial airplane production next week after suspending operations last month ** Materials lose 2.1%. Though precious metals mining shares shine with Phil gold/silver index up 6.2%. However, headbanging turns heavy ** Financials fall 4%. Big banks including JPMorgan and Wells Fargo swoon as bleak earnings reports pile on to dismal mood, though trading business a plus for Goldman Sachs during the coronavirus-driven rout . S&P 500 Banks index drops ~8% ** Meanwhile, in companies’ earnings, words may matter more than numbers ** SPX sector performance YTD: (Reporting by Lance Tupper and Terence Gabriel)
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