Dow jumps 500 points as corovavirus outlook improves
Stocks jumped on Tuesday, resuming the market’s sharp rebound from last month’s lows, as investors grew more optimistic about the coronavirus outlook.
The Dow Jones Industrial Average rallied 500 points, or 2.1%. The S&P 500 climbed 2.6% while the Nasdaq Composite advanced 3.6%. Johnson & Johnson was the best-performing stock in the Dow while the S&P 500 was led higher by 3% rallies in tech, consumer discretionary and consumer staples. Amazon rose to an all-time high to lead the Nasdaq higher.
The major averages came off their session highs in mid-morning trading, as Boeing fell more than 1% on the cancellation of 150 Max jet orders.
“When you look at the facts, I think there’s reason to be more hopeful than we have been,” CNBC’s Jim Cramer said. “The worst-case scenario’s been taken off the table, and if Apple and Google can do contact tracing …continued .
[Source: CNBC News]