Shares of industrial and transportation companies rose as investors doubled down on the "V-shaped recovery bets" that have caused a historic rebound from March lows for cyclical sectors.
The Dow Jones Industrial Average saw its largest single quarter gain since 1987 in the second quarter.
In a sign of the brutal impact of the Covid-19 pandemic on the aerospace industry, jet maker Airbus said it expects to cut roughly 15,000 positions from its global workforce by the summer of 2021, as the company faces continued pressure from reduced demand for commercial aircraft due to reduced travel stemming from the coronavirus pandemic.
Shares of rival Boeing gave back some of the Monday gains as Airbus's cuts and fears of renewed tensions between the U.S. and China over Hong Kong weighed. China has previously threatened to cut back on purchases of Boeing jets as a reprisal for U.S. moves.
Manufacturing services company Jabil is jumping into the face-mask field in the U.S. with plans to produce more than a million masks daily, as reported earlier.
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