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TOPLINE
The stock market opened higher on Tuesday thanks to more optimism on Wall Street about the reopening of the US economy. USA As some states resume commercial activity and relax quarantine requests.
The brave statue of the girl in a mask in front of the New York Stock Exchange.
KEY FACTS
The Dow Jones Industrial Average was up 1.5%, more than 300 points, at Tuesday’s open, while the S&P 500 was up 1.4% and the Nasdaq Composite 1%.
The shares were buoyed by a partial reopening of the economy, with states like Alaska, Georgia, South Carolina, Tennessee and Texas, all taking steps this week to allow some companies to resume operations.
As the first wave of consumers emerges from the coronavirus quarantine, that should help some companies that have been hit hard during the pandemic.
Shares like Wynn Resorts, Simon Property Group and Kohl’s, for example, gained more than 4% on Tuesday morning as they would benefit from a partial reopening.
Shares of 3M, the leading producer of N95 masks, rose more than 5% after the company reported better-than-expected earnings in the first quarter, driven by rising sales of personal safety equipment.
Oil prices have rebounded somewhat after another big sale of almost 25% on Monday. Earlier Tuesday, WTI futures for June fell more than 20%, but have since reduced losses, now only 2%.
Crucial quote
“The seeds of this rally are now over a month old and stocks rest precariously in the smoke of recycled news (each incremental state announcing reopening plans is not a new reason to buy),” according to Adam Crisafulli, founder of Vital Knowledge. “As a result, while it is much easier said than done, this is a market investors should DISAPPEAR, not pursue.”
Key background
The Dow rose more than 350 points on Monday, closing above 24,000 for the first time since April 17, while the S&P 500 and Nasdaq
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