Stocks Opened Lower as Coronavirus Uncertainty Lingered

U.S. stocks opened modestly lower on Tuesday, as investors have dealt with the impacts of a global pandemic. The Dow Jones Industrial Average lately fell 143.66 points, or 0.64%, to 22,183.82. The S&P 500 shed 18.60 points, or 0.71%, to 2,608.05. The Nasdaq Composite declined 20.35 points, or 0.26%, to 7,753.80.

U.S. oil prices rebounded sharply on Tuesday, after falling to the lowest level since 2002 amid a demand slump due to the coronavirus pandemic and a glut of supply thanks to a Russia-Saudi oil-price war. West Texas Intermediate crude CLK20, 2.339% jumped over 5%, or $1, to $21.17 a barrel. May Brent crude rose 42 cents, or 1.5%, to $26.82 a barrel.

Better than expected manufacturing sector data from China suggested the country was beginning to recover from economic damage from the coronavirus outbreak.

Home price growth in the U.S. started 2020 in high gear. Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 3.9% annual gain in January, up from 3.7% in December. It is the sixth straight month of accelerated price growth.