Stocks jumped on Tuesday as Wall Street focused on the economy reopening, with the S&P 500 now up 40% from its March low. Here's how the major averages performed: - The Dow rose 267 points. - The S&P 500 gained .82%. - The Nasdaq advanced .59%.
Stocks tied to the reopening of states outperformed once again. Citigroup, Wells Fargo and Bank of America all rose at least 0.9%. Gap climbed 7.7%. Southwest gained 2.6%.
Big Tech lagged the broader market for most of the day, but the eked out slight gains in the final minutes of trading. Facebook, Netflix and Apple all closed at least 0.3% higher while Alphabet gained 0.5%. Amazon advanced 0.1%. "I am mobilizing all federal and local resources, civilian and military, to protect the rights of law-abiding Americans," Trump said. "If a city or state refuses to take the actions necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them."
"Good news on vaccines helped stocks in May, but US-China relations & civil unrest could steal the spotlight in June," Lori Calvasina, RBC's chief U.S. equity strategist, said in a note. "The S&P 500 remains highly news flow driven."
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