Stocks closed broadly higher on Wall Street Tuesday, extending the market's winning streak to a third day. The latest gains, which followed a rally in global stocks, were driven by optimism that the global economy will begin to recover as governments gradually allow businesses that were closed due to the coronavirus outbreak to reopen, the AP reports. The S&P 500 closed 0.8% higher after spending much of the morning wavering. The Dow Jones Industrial Average rose 267.63 points, or 1.1%, to 25,742.65. The Nasdaq composite, which is heavily weighted with technology companies, added 56.33 points, or 0.6%, to 9,608.37. The index had been down 0.8% in the early going.
Energy stocks far outpaced the rest of the market as the price of crude oil rose again. So far, Wall Street’s momentum has not been derailed by the wave of daily unrest across the US that began last week in Minneapolis as a protest over police brutality. "The market action seems to have a lot more to do with people’s confidence about the economic reopening," says Tom Hainlin at US Bank Wealth Management. "It’s happening irrespective to what we’re seeing socially across the country right now." NASA astronauts launched into space by SpaceX on Saturday rang the opening bell from the International Space Station early Tuesday to kick off trading on the Nasdaq.
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