US STOCKS-Wall Street rises on Boeing, economic recovery hopes

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Boeing jumps as Third Point reveals stake
* Lyft climbs as trends improve in May
* Coty up on potential collaboration with Kim Kardashian
West
* Microchip climbs after sales, profit forecast raise
* Indexes up: Dow 1.52%, S&P 500 1.07%, Nasdaq 0.53%

(Adds comments, updates prices to early afternoon)
By Shreyashi Sanyal
June 3 (Reuters) - A jump in Boeing shares led Wall Street
higher on Wednesday, with investors hopeful of a rebound from a
coronavirus-led economic slump amid continuing social unrest in
the country.
Boeing Co BA.N jumped 8.5% and was the top boost to the
blue-chip Dow Jones index .DJI after billionaire investor
Daniel Loeb's Third Point said it took a stake in the
planemaker. Microchip Technology Inc MCHP.O surged 10.6% after the
chipmaker raised its forecast for current-quarter sales and
profit as it begins making up for lost production due to the
pandemic. The tech-heavy Nasdaq index .IXIC is now about 2% shy of a
record high hit in mid-February, rising in seven of the past
eight sessions.
Data on Wednesday showed signs of stabilization in the
domestic labor market after the ADP National Employment Report
said private employers laid off another 2.76 million workers,
lesser than an expected 9 million job losses. The data comes ahead of the Labor Department's more
comprehensive jobs report on Friday and initial jobless claims
data on Thursday.
Supporting the mood further was the Institute for Supply
Management's (ISM) reading, which showed U.S. services industry
activity pushed off an 11-year low in May. The S&P 500 .SPX remains 8% below its all-time high as
steadying economic data, unprecedented stimulus measures and the
lifting of lockdowns have raised bets on a post-pandemic
economic recovery.
"The move is predicated on data that continue to point us in
the direction that things are improving overall in the economy
as it opens back up," said Mike Mussio, president at FBB Capital
Partners in Bethesda, Maryland.
"The ADP and ISM manufacturing numbers, were in
negative-equivalent territory, but better than they were in
April and better than what the estimates were."
Markets have largely looked past brewing Sino-U.S. tensions
and protests in the United States over the death of an unarmed
black man at the hands of the police.
U.S. protesters ignored curfews overnight as they vented
their anger, but there was a marked drop in the violence that
prompted President Donald Trump to threaten to deploy the
military. At 12:50 p.m. ET the Dow Jones Industrial Average .DJI was
up 390.56 points, or 1.52%, at 26,133.21, the S&P 500 .SPX was
up 33.09 points, or 1.07%, at 3,113.91 and the Nasdaq Composite
.IXIC was up 50.83 points, or 0.53%, at 9,659.20.
Ride-hailing firm Lyft Inc LYFT.O rose 10.2% after
reporting a jump in rides on its platform in May from the prior
month. Coty Inc COTY.N jumped 7% after the cosmetics maker said
it was in talks with reality TV star Kim Kardashian West on a
possible collaboration for a beauty line.
Advancing issues outnumbered decliners for a 3.65-to-1 ratio
on the NYSE and a 2.44-to-1 ratio on the Nasdaq.
The S&P index recorded 30 new 52-week highs and no new low,
while the Nasdaq recorded 83 new highs and three new lows.