Wall Street's main indexes jumped on Tuesday as a recovery in oil prices lifted battered energy stocks and a slew of countries eased coronavirus-induced restrictions in an attempt to revive their economies.
Some hard-hit countries, including Italy, as well as a handful of US states are tentatively easing stay-at-home orders this week, raising hopes for a recovery in oil demand.
All the major S&P 500 sub-indexes were trading higher, with the energy sector rising 2.3%, but the index is still the top loser across sectors with a 35% decline this year.
Market-leading growth stocks such as Microsoft Corp, Amazon.com Inc and Apple Inc rose for a second day, helping offset concerns about the latest. The S&P 500 has climbed about 30% from its March lows on the back of unprecedented stimulus measures and signs of a plateau in new COVID-19 cases in many parts of the world.
At 11:23 a.m. ET the Dow Jones Industrial Average was up 370.42 points, or 1.56%, at 24,120.18, the S&P 500 was up 45.55 points, or 1.60%, at 2,888.29 and the Nasdaq Composite was up 160.93 points, or 1.85%, at 8,871.65.
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