Stocks Opened Higher as Optimism Grew on Easing Lockdowns

U.S. stocks opened higher on Tuesday, as the market took heart from the easing of restrictions on businesses in the U.S. and Europe, amid hopes for an early vaccine to prevent the further spread of the COVID-19 pandemic. The Dow Jones Industrial Average lately gained 286.23 points, or 1.21%, to 24,035.99. The S&P 500 advanced 36.14 points, or 1.27%, to 2,878.88. The Nasdaq Composite climbed 120.86 points, or 1.39%, to 8,831.57.

U.S. crude-oil prices headed sharply higher on Tuesday, as investors wagered on a slowdown in production and a gradual increase in appetite for the commodity as lockdowns intended to curtail the spread of the COVID-19 pandemic are rolled back. West Texas Intermediate crude for June delivery was up $2.18, or 10.7%, at $22.57 a barrel. July Brent crude BRNN20, 10.11% added $2.08, or 7.7%, at $29.29 a barrel.

Pfizer Inc and BioNTech SE said on Tuesday they have begun delivering doses of their experimental coronavirus vaccines for initial human testing in the United States.