Stocks Jumped at Open amid Vaccine Hopes, Reopenings

U.S. stocks jumped at open on Tuesday, as hopes for an effective coronavirus vaccine combined with optimism over updates around states’ reopenings. The Dow Jones Industrial Average lately climbed 571.72 points, or 2.34%, to 25,036.88. The S&P 500 rose 56.97 points, or 1.93%, to 3,012.42. The Nasdaq Composite gained 144.76 points, or 1.55%, to 9,469.35.

Oil futures traded higher Tuesday, encouraged by continued cuts in production and a pickup in demand as lockdowns ease around the world with the coronavirus pandemic receding. West Texas Intermediate crude for July delivery rose 75 cents, or 2.3%, to $34 a barrel. August Brent crude was up 50 cents, or 1.4%, at $36.62 a barrel.

Home price growth in the U.S accelerated in March. Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 4.4% annual gain in March, up from 4.2% a month earlier. The 20-City Composite posted a 3.9% annual gain, up from 3.5% in February.