US STOCKS-Dow leads the way in broad Wall Street rally

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* Value stocks lead broad rally

*Crypto Stocks Drop as China Deepens Mine Crackdown

* Indices: Dow +1.75%, S&P 500 +1.36%, Nasdaq +0.80% (updates with afternoon trading, adds investor comment)

NEW YORK, June 21 (Reuters) – Wall Street rocketed Monday, with the Dow entering its strongest session in more than three months as investors pulled out of energy and other sectors expected to outperform as the economy recovers from the recession. pandemic.

The Dow Jones Transports Average, considered a barometer of economic health, rose 2.0%, while the domestically focused small-cap Russell 2000 rose 2.1%.

The S&P 500 Value Index, which includes banks, energy and other economically sensitive sectors and has delivered the largest rise in US equities so far this year, rose 1.8%, outperforming the 0.9% rise in the growth indices.

That was a strong reversal from last week, when the Fed’s aggressive signals on monetary policy led to a round of profit-taking that wiped out value stocks’ growth lead this month and the worst weekly performance for the Dow and the S&P. 500 in months.

It’s a market of Dr. Jekyll and Mr. Hyde. Last week it was Mr. Hyde and today Dr. Jekyll out, said Jeff Carbone, co-founder of Cornerstone Financial Partners in Charlotte, North Carolina. Today there is not much fear, and that worries us more than anything else.

All 11 S&P 500 sector indices rose, with the energy market rising 4% and leading the way, followed by a 2.1% rise in the industry index.

Microsoft Corp climbed 1.7% to hit an intra-day record high.

The S&P 500 traded in a tight range this month as investors juggled fears of an overheating economy with optimism about a strong economic recovery.

This week will focus on investigations into US factory activity and data on home sales, as Fed Chair Jerome Powell testifies before Congress on Tuesday.

At noon, the Dow Jones Industrial Average rose 1.75% to 33,871.11 points, while the S&P 500 gained 1.36% to 4,222.96.

The Nasdaq Composite added 0.8% to 14,143.26 points.

Cryptocurrency stocks, including miners Riot Blockchain, Marathon Patent Group and crypto exchange Coinbase Global, fell between 2% and 4% due to China’s increasing crackdown on bitcoin mining.

Moderna Inc gained 4.9% after a report said the drug maker is adding two new production lines to a COVID-19 vaccine plant, in an effort to prepare to make more booster shots.

The number of emerging issues outpaced the declining one on the NYSE by a ratio of 2.95 to 1; on Nasdaq, a 1.46-to-1 ratio favored the advanced.

The S&P 500 recorded 19 new highs in 52 weeks and no new lows; the Nasdaq Composite recorded 62 new highs and 49 new lows.