The possibility of the U.S. economy slowly reopening gave stocks a big boost
The Dow notched a roughly 133-point win on Tuesday -- despite ceding a chunk of its gains from earlier in the session -- as some concern over a second wave of coronavirus cases lingers. Overall though, Wall Street eyed talks of slowly reopening the U.S. economy with optimism, especially after New York Governor Andrew Cuomo said the state is on "the other side of the mountain," in regards to coronavirus deaths and hospitalizations. The S&P and Nasdaq both grabbed modest wins of their own, with the health care, energy and tech sectors surging.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 23,883.09) added 133.3 points, or 0.6% for the day, with Pfizer (PFE) leading the 22 gainers with a 2.4% pop, and Boeing (BA) dropping to the bottom of the eight losers with a 4.6% loss.
The S&P 500 Index (SPX - 2,868.44) tacked on 25.7 points, or 0.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 8,809.12) ended up 10.9 points, or 1.1% higher.
The Cboe Volatility Index (VIX - 33.61) lost 2.4 points, or 6.6% on Tuesday.
5 Items on Our Radar Today
- Vice President Mike Pence said today that the White House is considering slowly phasing out the coronavirus task force. Pence, who oversees the task force, said phase-out would come as states begin easing up on social distancing measures, despite some regions still seeing a growing number of cases. (CNBC)
- U.S. Treasury Secretary Steve Mnuchin just announced that his department will give U.S. tribal governments $4.8 billion. This comes after several intertribal groups, Native American tribes, and other Native organizations sued the government in an effort to prevent Mnuchin from handing out $8 billion in COVID-19 relief to Alaska Native Corporations, a collective of for-profit companies. (MarketWatch)
- Behind Marathon's first-quarter beat.
- Hertz announces forbearance deal as its stock limps lower.
- SBUX red-hot on reopening buzz.
Data courtesy of Trade-Alert
Oil Snags Fifth Straight, Gold Slips
The promise of easing lockdown measures gave crude futures a massive boost today, leading black gold to its fifth straight win. June-dated crude rose $4.17, or 20.5%, to settle at $24.56 a barrel.
Today's rally from U.S equities, did not bode well for gold futures, which posted their first loss in three sessions. Gold for June delivery fell $2.70, or 0.2%, to settle at $1,710.60 an ounce.