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 558.99 points, or 2.4%, to 23,949.76. The S&P 500 climbed 3.1% to 2,846.06 while the Nasdaq Composite advanced nearly 4% to 8,515.74. The tech-heavy Nasdaq notched its first four-day winning streak since early February.
The S&P 500 was led higher by 4% rallies in tech, consumer discretionary and consumer staples. Amazon rose to an all-time high to lead the Nasdaq higher.
“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 that we all embrace … while we continue to roll out more testing, the economy could reopen a lot sooner than we thought even, say, three weeks ago.” . . .
The corporate earnings season kicked off on Tuesday with JPMorgan Chase and Johnson & Johnson reporting their latest quarterly results, giving investors their first look at how devastating the hit to corporations has been from the pandemic. (Read more from “Dow Rallies More Than 500 Points on Improving Virus Outlook” HERE)