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Oil Prices Jump as Restrictions Relaxed

Dow Jones, S&P 500 edge upward
By Newser Editors and Wire Services
Posted May 5, 2020 3:52 PM CDT

(Newser) – Stocks closed broadly higher on Wall Street Tuesday as more countries relaxed restrictions on businesses, raising hopes for a recovery from the historic plunge that is sweeping the global economy. The S&P 500 rose 0.9% after losing about half of its early gains in a late-afternoon burst of selling. Technology and health care stocks accounted for much of the gains, which followed a strong showing in overseas markets, the AP reports. The S&P 500 gained 25.70 points to 2,868.44. The Dow Jones Industrial Average rose 133.33 points, or 0.6%, to 23,883.09. The Nasdaq climbed 98.41 points, or 1.1%, to 8,809.12.

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Investors are increasingly cautiously optimistic that the gradual reopening of some businesses will begin to turn around the economy. In California, some retail businesses could begin serving customers again as early as Friday, under some restrictions. Many European countries have also begun relaxing strict orders meant to slow the spread of the coronavirus outbreak, while waiting to see if it leads to a resurgence in infections. Expectations for stronger demand for oil as more businesses get the green light to open helped drive crude oil prices sharply higher, extending its mini-rally after falling to record lows last month. A barrel of US oil to be delivered in June jumped 20.5% to settle at $24.56 Tuesday, still well below the roughly $60 it cost at the start of the year.

(Read more Dow Jones stories.)

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