After moving modestly lower in early trading on Wednesday, stocks have shown a notable turnaround over the course of the session. The rebound on the day extends the recent upward trend by the markets, with the Dow and the S&P 500 reaching new record highs.
Airline stocks have helped to lead the markets back to the upside on the day, with the NYSE Airline Index surging up by 2.6 percent. With the gain, the index has risen to its best intraday level in six years.
The rally by airline stocks is partly due to upbeat comments from Morgan Stanley, which said it continues to expect the stocks to grind higher in the short-term.
Considerable strength has also emerged among trucking stocks, as reflected by the 1.3 percent gain being posted by the Dow Jones Trucking Index. YRC Worldwide (YRCW) has helped to lead the sector higher, jumping by 18 percent.
Banking stocks have also moved notably higher on the day, resulting in a 1.1 percent gain by the KBW Bank Index. The gain has lifted the index to a four-year high.
Meanwhile, gold stocks have come under significant selling pressure, moving lower along with the price of the precious metal. With gold for June delivery tumbling $29.20 to $1,395.30 an ounce, the NYSE Arca Gold Bugs Index is down by 2.9 percent.
The major averages are currently posting modest gains, near their highs for the session. The Dow is up 44.96 points or 0.3 percent at 15,260.21, the Nasdaq is up 7.76 points or 0.2 percent at 3,470.37 and the S&P 500 is up 6.30 points or 0.4 percent at 1,656.64.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.