May 5, 2020 - 11:59 AM EDT
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Dow Rises Near 400 as Economy Sectors Re-Open

Stocks rose sharply on Tuesday as investors bet the U.S. economy could start to re-open again. Oil prices increased for a fifth straight day.

The Dow Jones Industrial Average jumped 385.03 points, or 1.6%, to 24,134.79.

The S&P 500 climbed 50.26 points, or 1.8%, to 2,893.

The NASDAQ Composite popped 157.88 points, or 1.9%, to 8,878.59.

Crude's surge sparked a 4.6% rally in the S&P 500 energy sector. Noble Energy rose more than 9% to lead the sector higher while Apache and Occidental Petroleum both gained more than 7%.

Investors weighed fears of a second wave of coronavirus cases against efforts to reopen businesses and loosen restrictions. California Gov. Gavin Newsom said Monday some of the state's retailers will be allowed to offer curbside pickup starting Friday.

Meanwhile, New York Gov. Andrew Cuomo said that the daily number of hospitalizations and new deaths are declining, suggesting the state is on “the other side of the mountain.” He added, however, that officials are not seeing as steep of a decline as they had hoped.

Prices for the 10-Year Treasury hesitated, raising yields to 0.65% from Monday's 0.63%. Treasury prices and yields move in opposite directions.

Oil prices gained $3.73 to $24.12 U.S. a barrel.

Gold prices shrank $6.90 to $1,706.40 U.S. an ounce.


Source: Baystreet US Market Commentary (May 5, 2020 - 11:59 AM EDT)

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