Dow climbs 268 points as economic-reopening hope offsets civil unrest
stocksrose Tuesday as investors looked past nationwide civil unrest to encouraging signs of an economic reopening.
- Equity futures slipped initially in overnight trading after President Donald Trump said he would deploy the military if states didn't act to quell violence from protests.
- Those losses were erased by the market open as traders weighed signals of an economic recovery and the prospect of new German stimulus. Major indexes closed at session highs.
- Oil prices gained as OPEC and its allies are said to favor extending production cuts.
- Read more on Business Insider.
US stocks rose on Tuesday as investors looked past protests and riots taking place all over the country to instead focus on the economy reopening.
Equity futures slipped initially in overnight trading after President Donald Trump said he would deploy the military if states didn't act to quell violence from protests. Those losses were erased by the market open as traders weighed signals of a manufacturing recovery and the prospect of up to $112 billion of additional German stimulus.Here's where US indexes stood at the 4 p.m. ET market close on Tuesday:Advertisement
- S&P 500: 3,080.82, up 0.8%
- Dow Jones industrial average: 25,742.65, up 1.1% (268 points)
- Nasdaq composite: 9,608.38, up 0.6%
Energy stocks led the way higher, with the group finishing 2.7% higher on Tuesday. The market also got a lift from materials and industrial shares, which rose more than 1.2%.Surging oil prices spurred energy-share gains as OPEC and its allies were said to favor an extension of existing production cuts designed to backstop the commodity, which has seen demand evaporate amid coronavirus.
GOLDMAN SACHS: Buy these 25 beaten-down stocks all poised to jump more than 18% from current levels Still, there are a number of risks that could dash market optimism. Tensions between the US and China have escalated in recent weeks, potentially threatening the phase one trade deal.Advertisement
Even though there are signs that the coronavirus lockdown-inflicted economic downturn is bottoming out, any recovery is likely to be slow —it could take the better part of a decade, the Congressional Budget Office said Monday.Read more: MORGAN STANLEY: The market's hottest stocks are in danger of being disrupted to a degree not seen since the Great Recession. Here's how to adjust your portfolio for the coming shift.Advertisement
Read the original article on Business Insider
- COVID-19:Many mentally ill homeless institutionalised, traceable, why need ID proof to test: HC
- Apple expands iPhone repair programme to Europe, Canada
- COVID-19: India has not yet reached community transmission stage, says govt
- Govt mobile app services may help raise efficiency 80%
- Nabard to organise 'Digital Choupal' on its 39th foundation day