Growing expectations that the worst of COVID-19 pandemic may have passed saw US equity markets book another round of strong gains, with investors also eyeing the start of the first quarter corporate earnings season- Dow up +559-points or +2.39% (to 23,949.76). Boeing Co closed down -4.3% after the company said it delivered fewer commercial airplanes in the first quarter than expected.The broader S&P500 gained +3.06% (to 2,846.06). The latest 3% moves marks the 23rd move of at least 3% in either direction for the index, matching such moves in all of 2009, according to Dow Jones Market Data. The S&P 500 also booked its 38th session gain of at least 1% this year, surpassing last year’s total. The S&P500 now sits 27.2% above its 23 March low. The index has also capped its best 15-day performance since May 1933. Both the Dow and S&P 500 settled at their highest levels since 10 March. The biggest U.S. airlines reached an agreement in principle with the federal government on financial assistance aimed at preventing layoffs in an industry hit hard by the coronavirus pandemic, according to a Wall Street Journal report. The US$2.2 trillion economic relief package passed last month included US$25B in direct aid to allow passenger airlines to continue paying salaries and benefits to employees in the coming months. Treasury officials are expected to announce an agreement on the terms of the federal aid later this morning AEST. American Airlines Group Inc rose +11.26% in the extended session and Delta Air Lines Inc +9.58%. The NASDAQ rallied +3.95% to settle more than 20% above its most recent low and hence exit the bear market the technology-centric index entered on 12 March. The Nasdaq is less than 14% from its 52- week high on 19 February. Amazon.com Inc jumped +5.28% to settle at a record high of US$2,283.32 (and boosting the company’s market capitalisation to US$1.137 trillion). Tesla Inc jumped +9.05%, adding to a nearly 60% gain in the past seven days as Credit Suisse analysts upgraded the stock to hold from sell and upped their price target to US$580 from US$415.