US STOCKS-Wall Street gains on Boeing boost, recovery hopes

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* 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 1.69%, S&P 500 1.19%, Nasdaq 0.60%

(Adds comments, updates prices throughout)
By Shreyashi Sanyal
June 3 (Reuters) - A jump in Boeing shares lifted Wall
Street on Wednesday, with investors remaining optimistic about
an economic rebound from a coronavirus-led slump amid continuing
social unrest in the country.
Boeing Co BA.N rose 10% 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 11% after the
chipmaker raised its forecast for current-quarter sales and
profit as it begins making up for lost production due to the
pandemic.
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 Nasdaq index .IXIC is now just 1.8% away from a record
high hit in mid-February, rising in seven of the past eight
sessions, while 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.
"There is a growing feeling that we are over the worse of
the economic pain caused by the pandemic," said David Madden,
market analyst at CMC Markets UK in London.
"The fact that last month's reading (ADP report) was only a
fraction of the April update, could be an early sign that we
have moved past the most painful point and when you factor in
the improvements in the U.S. services data, it shows the economy
is in a less awful state."
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 11:46 a.m. ET the Dow Jones Industrial Average .DJI was
up 433.89 points, or 1.69%, at 26,176.54, the S&P 500 .SPX was
up 36.77 points, or 1.19%, at 3,117.59 and the Nasdaq Composite
.IXIC was up 57.91 points, or 0.60%, at 9,666.29.
Ride-hailing firm Lyft Inc LYFT.O rose 9.3% after
reporting a jump in rides on its platform in May from the prior
month. Coty Inc COTY.N jumped 6.3% 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 4.28-to-1 ratio
on the NYSE and a 2.51-to-1 ratio on the Nasdaq.
The S&P index recorded 30 new 52-week highs and no new low,
while the Nasdaq recorded 81 new highs and three new lows.