Stocks Ended Sharply Higher, Oil Futures finished Higher

U.S. stocks ended sharply higher on Tuesday, as hopes for an effective coronavirus vaccine combined with optimism over updates around states’ reopenings. The Dow Jones Industrial Average jumped 529.95 points, or 2.17%, to 24,995.11. The S&P 500 rose 36.32 points, or 1.23%, to 2,991.77. The Nasdaq Composite gained 15.63 points, or 0.17%, to 9,340.22.

Oil futures finished higher Tuesday with continued cuts in crude production and a pickup in demand, as pandemic-related lockdowns ease around the world, boosting U.S. prices by more than 3%. West Texas Intermediate crude for July delivery rose $1.10, or 3.3%, to settle at $34.35 a barrel. July Brent crude added 64 cents, or 1.8%, from Monday to end at $36.17 a barrel.