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US stocks jumped again Tuesday as Wall Street nursed hopes that the coronavirus crisis finally may be peaking. The Dow Jones industrial average surged as much as 937.25 points, or 4.1 percent, at the open amid signs that the pandemic is slowing — including reports that Tuesday was the first day that China, where the …
US stocks jumped again Tuesday as Wall Street nursed hopes that the coronavirus crisis finally may be peaking.
The Dow Jones industrial average surged as much as 937.25 points, or 4.1 percent, at the open amid signs that the pandemic is slowing — including reports that Tuesday was the first day that China, where the outbreak started, had no new COVID-19-related deaths for the first time since January.
The S&P 500 and the Nasdaq composite also climbed as much as roughly 3.5 and 2.9 percent in early trading, respectively. The gains followed a Monday rally that saw the Dow jump 1,627 points as virus deaths appeared to slow in hard-hit hotspots.
“Pretty much everywhere you look, there is newfound optimism,” Stephen Innes, chief global market strategist at AxiTrader, wrote in a commentary. “As equities continue to grind higher, investors who missed the first pass on the rally bus reluctant to put money back to work are now faced with a difficult decision and forced to pay up significantly higher for a seat at the front.”
Investors appeared encouraged by signals that Italy and Spain — two of the European countries most affected by the virus — are looking to loosen lockdown measures as their daily death tolls decline. And the number of new deaths in New York, the American epicenter of the crisis, has remained roughly flat over the past two days.
Oil prices also recovered Tuesday following their Monday tumble after Saudi Arabia and Russia reportedly delayed a meeting on reducing production. West Texas Intermediate crude futures were up about 0.9 percent to $26.32 as of 9:33 a.m.
But experts say investors will have to digest the coronavirus carnage that has yet to come in the US and the UK, where the virus has put prime minister Boris Johnson in intensive care. There are also lingering questions about just how much the economy will suffer from the widespread lockdowns aimed at getting the pandemic under control.
“Overall there is reason to be cautiously upbeat with a number of pieces appearing to be falling into place across developed markets,” Jeffrey Halley, senior currency analyst at OANDA, said in a commentary. “That potential light at the end of the tunnel is a weak one though, and any number of things could come together to switch it off.”
With Post wires
