New York City (Reuters) – U.S. stocks closed higher on Tuesday on optimism about the advancement of coronavirus vaccines and a revival of service activity, but the S&P 500 failed to hold above the crucial mental level of 3,000 points.
Stocks pared gains late in the session, after Bloomberg News reported the Trump administration was weighing a series of sanctions on Chinese officials, companies and banks, strengthening comments earlier in the day from White Home advisor Larry Kudlow.
Kudlow said President Donald Trump was “so miffed with China on infection and other matters that the trade deal is not as crucial to him as it when was.”
The benchmark S&P 500 SPX had crossed 3,000 for the first time given that March 5 prior to hanging back late in the session.
The S&P 500 has risen as much as 37.9%from its March 23 low due to central bank and government stimulus at a time when the U.S. economy is seeing its biggest job losses since the Great Depression of the 1930 s. It closed 11.7?low its Feb. 19 record high.
On Monday, California, which has had one of the country’s most limiting shutdowns, said it would permit retail services to use in-store shopping and places of worship to reopen.
On top of vaccine-related news, Shawn Snyder, head of investment strategy at Citi Personal Wealth Management, indicated better-than-expected home sales information and comments from JPMorgan Chase ( JPM.N) CEO Jamie Dimon.
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