Stocks Opened Mostly Higher amid Vaccine, Stimulus Optimism

U.S. stocks opened mostly higher on Tuesday, as hopes for a vaccine and further stimulus spurred a global risk rally. The Dow Jones Industrial Average lately added 339.46 points, or 1.22%, to 28,130.90. The S&P 500 rose 16.36 points, or 0.49%, to 3,376.83. The Nasdaq Composite lost 39.02 points, or 0.36%, to 10,929.34.

Oil futures rose Tuesday, as investors paid attention to potential for a tightening of the U.S. supply picture. West Texas Intermediate crude for September delivery was up 74 cents, or 1.8%, at $42.68 a barrel, while October Brent crude was 58 cents higher, up 1.3%, at $45.57 a barrel.

Russia’s President Vladimir Putin said Tuesday that Russia became the first country globally to give regulatory approval to a Covid-19 vaccine, with the move coming less than two months after human testing of the inoculation began. The vaccine still must complete final trials, though mass production is expected by the end of the year.

The Bureau of Labor Statistics’ producer price index (PPI) rose more than expected in July, as pricing power improved for suppliers as demand came back online. Headline producer prices rose 0.6% in July month over month for the biggest monthly jump since October 2018, after a 0.2% decline in June, the BLS said Tuesday morning.