Advertisment
Stocks rose on Tuesday as traders focused on the reopening of the economy from the coronavirus pandemic even amid civil unrest around the U.S.
The Dow Jones Industrials rumbled higher 249.81 points, or 1%, to wind up Tuesday at 25,724.83.
The S&P 500 added 25.09 points to 3,080.82. Tuesday’s gains put the S&P 500 up more than 40% from its late-March intraday low.
The NASDAQ Composite regained 56.33 points to 9,608.38.
Stocks tied to the reopening of states outperformed once again. Citigroup, Wells Fargo and Bank of America all rose at least 0.9%. Gap climbed 7.7%. Southwest gained 2.6%.
Big Tech lagged the broader market for most of the day, but the eked out slight gains in the final minutes of trading. Facebook, Netflix and Apple all closed at least 0.3% higher while Alphabet gained 0.5%. Amazon advanced 0.1%.
Stocks were broadly higher earlier in the session after media reports said state-owned Chinese companies bought at least three cargoes of U.S. soybeans.
Tuesday’s moves came after President Donald Trump said Monday night he will deploy the military if states and cities failed to quell the demonstrations.
The stock market has largely ignored the unrest, but that could change if investors believe the protests would continue through the summer, disrupting states plans to reopen and hurting consumer confidence.
New York City has imposed a curfew until June 7 to curb protests. Similar curfews were instituted in cities across the country in an effort to dissolve mass gatherings.
Prices for the 10-Year Treasury eased, raising yields to 0.68% from Tuesday’s 0.66%. Treasury prices and yields move in opposite directions.
Oil prices vaulted $1.51 to $36.95 U.S. a barrel.
Gold prices swooned $16.80 to $1,733.50 U.S. an ounce.
