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Post by bot on May 5, 2020 19:07:24 GMT -5
Dow jumps 300 points, reclaims perch at 24,000 to start Tuesday trade as investors key in on lockdown easings, rally in oil prices
U.S. stock benchmarks on Tuesday rose at the open, buoyed by optimism about the easing of restrictions on economic activity, in states like California, and a sharp rally in crude-oil prices. Wall Street also was watching for updates on corporate results from the likes of Dow component Walt Disney & Co. and others. The Dow Jones Industrial Average rose 300 points, or 1.3%, at 24,051, the S&P 500 index was up 1.4% at 2,880, while the Nasdaq Composite Index was rising 1.4% at 8,835. Gains on the morning were coming as West Texas Intermediate crude-oil prices for June surged nearly 15% early Tuesday. California Gov. Gavin Newsom on Monday said that clothing stores and a number of other retailers could open for curbside pickup on Friday, among a number of states that are slowly attempting to unwind measures put in place to limit the COVID-19 disease. Meanwhile, in economic news, the U.S. trade deficit widened by almost 12% in March as the coronavirus pandemic grounded international flights, froze the global tourism industry and caused massive disruptions in the exchange of goods such as new cars and iPhones. Investors also will hear from a number of Federal Reserve speakers, including Chicago Federal Reserve President Charles Evans at 10 a.m., and St. Louis Fed President James Bullard and Atlanta Fed President Raphael Bostic at 2 p.m. In corporate news, Norwegian Cruise Line Holdings Ltd. said Tuesday its NCL Corp. subsidiary is proposing to sell $650 million in exchangeable senior notes due 2024 in a private offering.
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