(Reuters) – Wall Street’s main indexes gained on Tuesday as healthcare stocks rallied, oil prices surged and a number of countries and U.S. states eased coronavirus-induced restrictions in an attempt to revive their economies.
FILE PHOTO: The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon
Stocks pulled back sharply late in the session after Federal Reserve Vice Chair Richard Clarida made downbeat comments about the depth of the economic contraction.
Some hard-hit countries, including Italy, as well some U.S. states including California are tentatively easing lockdown orders this week, raising hopes for a recovery in oil demand.
Healthcare shares led among S&P 500 sectors following developments in efforts to control the coronavirus from Pfizer (PFE.N) and Regeneron Pharmaceuticals (REGN.O).
“We are starting to see some states open up, we are starting to see some activity,” said Paul Nolte, portfolio manager at Kingsview Investment Management. “We are probably now in the midst of the worst period and things will be gradually improving from here.”
The Dow Jones Industrial Average .DJI rose 133.33 points, or 0.56%, to 23,883.09, the S&P 500 .SPX gained 25