The U.S. stock market’s main indexes rallied on Tuesday as healthcare stocks jumped, oil prices surged and a number of countries and U.S. states eased coronavirus-induced lockdowns and restrictions in an attempt to revive their COVID-19-decimated economies.
Some hard-hit countries, including Italy, as well some U.S. states including California are tentatively easing lockdown orders this week, raising hopes for a recovery in oil demand.
All 11 S&P 500 sectors were positive… Pfizer shares rose 3.0% after the drugmaker said it and its German partner had begun delivering doses of an experimental coronavirus vaccines for human testing. Regeneron Pharmaceuticals shares gained 5.9% after the company said its experimental antibody cocktail for COVID-19 may be available for use by the end of summer.
The Dow Jones Industrial Average rose 358.02 points, or 1.51%, to 24,107.78, the S&P 500 gained 51 points, or 1.79%, to 2,893.74 and the Nasdaq Composite added 178.67 points, or 2.05%, to 8,889.39.
Shares of large tech and internet companies such as Microsoft and Apple were also higher, giving lifts to the indexes.
MacDailyNews Take: Hopefully, the reopening efforts and the search for effective treatments and, of course, a vaccine, go as well as possible