BUSINESS Dow jumps over 500 points following solid weekly gains

BUSINESS

Dow jumps over 500 points following solid weekly gains

Xinhua

05:47, May 27, 2020

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(Photo: Xinhua)

NEW YORK, May 26 (Xinhua) -- U.S. stocks finished noticeably higher on Tuesday, following solid gains in the previous week.

The Dow Jones Industrial Average soared 529.95 points, or 2.17 percent, to 24,995.11. The S&P 500 was up 36.32 points, or 1.23 percent, to 2,991.77. The Nasdaq Composite Index increased 15.63 points, or 0.17 percent, to 9,340.22.

Nine of the 11 primary S&P 500 sectors climbed, with financials and industrials up 5.04 percent and 4.24 percent, respectively, outpacing the rest. Health care and technology, however, struggled.

U.S. biotech company Novavax said Monday it has entered clinical trials for a potential coronavirus vaccine. The company said it expects initial results on safety and immune responses in July. The stock closed up 4.47 percent on Tuesday.

Investors paid close attention to economy reopening as more U.S. states started to relax coronavirus-tied lockdown restrictions.

The market rally came after a solid week for Wall Street that saw all the three major indexes rise more than 3 percent. U.S. markets were closed Monday in observance of Memorial Day.

On the data front, U.S. consumer confidence index stood at 86.6 this month, up from 85.7 in April, New York-based The Conference Board reported Tuesday. Economists polled by MarketWatch expected a reading of 86.8 in May.


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