U.S. stocks opened sharply higher on Tuesday, on track to consolidate their gains from the day before, amid hopes that the rate of increase in COVID-19 cases in the U.S. and Western Europe was slowing down. The S&P 500 rose 3.2% to 2,749. The Dow Jones Industrial Average advanced 865 points, or 3.8%, to 23,545. The Nasdaq Composite tumbled 2.8% to 8,136. Investors honed in on a slowdown in infections in France and Italy, the center of the outbreak in Europe. And for the first time since...
- Wall Street was set to resume a strong rally on Tuesday as early signs of a slowdown in coronavirus cases in U.S. hot spots raised hopes that the sweeping lockdown measures were working.
Treasury Department to sell $25 billion 10- year notes Tuesday. Treasury yields extended their rise on Tuesday as the bond-market sold off in the wake of signs the spread of the COVID-19 pandemic may be slowing in Europe and Asia in particular, encouraging investors back into equity markets this week at the expense of haven assets. The 10- year Treasury note yield climbed 6.9 basis points to 0.747%, while the 2- year note rate was up 2.2 basis points to 0.290%.
Back in December, Art Cashin, the longtime NYSE trader, predicted that the stock market would be higher in 2020 despite some volatile stretches in January, March and July. Looks like he got that second part mostly right, anyway. To be fair, nobody could have predicted the coronavirus pandemic and the impact it's had on the economy and investors.
Lowe's Cos (LOW). said Tuesday that all its stores will close this coming Easter Sunday to allow its 300,000 workers to spend time with family. "We will take steps to ensure that no hourly associate loses scheduled hours or has a reduction in pay as a result of closing on Sunday," the Mooresville, N.C.-based home-improvement retailers said in a statement. Shares rose 4.5% premarket but are down 26% in the year to date, while the S&P 500 has fallen 18%.
The lockdown of millions of people at home across the globe due to the coronavirus should have been the perfect recipe for success for the burgeoning online meal delivery market.
Canada's main stock index futures rose on Tuesday, as oil prices jumped on hopes for a global production cut and a slowdown in infections in Europe and the United States aided sentiment. June futures on the S&P/TSX index were up 2.06% at 7:00 a.m. ET. Canada's Ivey PMI data for March is due at 10:00 a.m. ET. The Toronto Stock Exchange's S&P/TSX closed up 5.06% at 13,592.70 on Monday.
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