“The main catalyst behind the confidence gain was the sharp improvement in the answers to the labor market questions, definitely helped by us getting closer to a full reopening and the increasing demand for labor,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
One of the biggest gainers Tuesday was UPS, the world’s largest delivery company, which saw its shares soar double-digits after earnings blew past Wall Street estimates. The company said first-quarter revenue was up 27% amid a boom in e-commerce deliveries.
The Dow Jones Transportation Average rallied 1.4% on Tuesday, coming off its 12th positive week in a row for the first time on record. In comparison, the Dow Jones Industrial Average closed up just over three points, while the S&P 500 ended the day flat.
