Wall Street Closes Up On Reopening Hopes

Wall Street's main indexes gained on Tuesday as health stocks rallied, oil prices surged and a number of countries and US states eased coronavirus-induced restrictions in an attempt to revive their economies.

Stocks pulled back sharply late in the session after Federal Reserve Vice Chair Richard Clarida made downbeat comments about the depth of the economic contraction.

Some hard-hit countries, including Italy, as well some US states including California are tentatively easing lockdown orders this week, raising hopes for a recovery in oil demand.

Healthcare shares led among S&P 500 sectors following developments in efforts to control the coronavirus from Pfizer and Regeneron Pharmaceuticals.

“We are starting to see some states open up, we are starting to see some activity," said Paul Nolte, portfolio manager at Kingsview Investment Management. “We are probably now in the midst of the worst period and things will be gradually improving from here.”

The Dow Jones Industrial Average rose 0.56 per cent, to 23,883, the S&P 500 gained 0.90 per cent, to 2,868 and the Nasdaq Composite added 1.13 per cent, to 8,809.

Shares of large tech and internet companies such as Microsoft and Apple also gained, giving lifts to the indexes.

______________________________