Stocks Surged at Open after Retail Sales Jumped and Reports of More Stimulus

U.S. stocks opened sharply higher on Tuesday after a surge in retail sales in May suggested consumers were gaining steam again and a report that the Trump administration was poised to unveil a $1 trillion infrastructure spending package to add more fiscal stimulus. The Dow Jones Industrial Average lately advanced 836.54 points, or 3.25%, to 26,599.70. The S&P 500 climbed 82.87 points, or2.70%, to 3,149.46. The Nasdaq Composite rose 3,149.46 points, or 2.28%, to 9,947.78.

Oil futures headed higher Tuesday as a monthly report from the International Energy Agency forecast record demand for crude and its byproducts next year, but only after first dropping significantly in the current year. West Texas Intermediate crude for July delivery rose 72 cents, or 1.9%, at $37.82 a barrel. Brent oil for August delivery picked up 80 cents, or 2%, at $40.51 a barrel.

Bloomberg reported that the Trump administration was working on a $1 trillion infrastructure spending package to help revive the economy on the back of an existing infrastructure funding that comes up for renewal on Sept. 30.

Sales at U.S. retailers roared back in May as the economy started to reopen. Retail sales jumped a record 17.7% last month, the government said Tuesday.