Tech titans, health care were winners in stock market
FOX Business’ Lauren Simonetti says while big tech and health care showed an upward trend in the market, so did oil and energy.
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U.S. equity futures are pointing to a higher open when Wall Street begins trading on Wednesday.
The major futures indexes are indicating a gain of 0.7 percent as stocks attempt to rise for a third session.
The ADP national employment report for April will be release before trading begins. Economists expect a record 20.05 million jobs were lost in the private sector last month in response to the coronavirus lockdowns.
Investors are increasingly optimistic as European countries and some U.S. states allow businesses to reopen despite warnings coronavirus infections are still rising and economic recovery could be some way off.
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President Trump said Tuesday he wants the U.S. economy to reopen but acknowledged some people will be “badly affected.”
In Asian markets, Hong Kong's Hang Seng added 1.2 percent, China's Shanghai Composite climbed 0.6 percent. Markets in Japan were closed for a holiday.
In European trading, London's FTSE gained 0.3 percent, Germany's DAX was off 0.1 percent and France's CAC was down 0.2 percent.
In energy markets, benchmark U.S. crude turned higher by 17 cents to $24.72 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped 20.5 percent on Tuesday to settle at $24.56.
Brent crude, used to price international oils, added 19 cents to $31.16 per barrel in London. It gained 13.9 percent the previous session to close at $30.97.
|I:DJI||DOW JONES AVERAGES||23883.09||+133.33||+0.56%|
|I:COMP||NASDAQ COMPOSITE INDEX||8809.120818||+98.41||+1.13%|
On Wall Street, the benchmark S&P 500 index closed 0.9 percent higher on Tuesday after losing about half its early gains in a burst of afternoon selling. Technology and health care stocks accounted for much of the gains, which followed a strong showing in overseas markets.
The Dow Jones Industrial Average rose 0.6 percent and the Nasdaq climbed 1.1 percent.
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U.S. states including Texas and South Carolina have allowed restaurants and some other businesses to reopen. California might allow some retailers to resume serving customers this week.
Still, the deputy chairman of the U.S. Federal Reserve, Richard Clarida, said Tuesday the economy needs more support from the central bank and possibly additional government spending before it can recover.
A report released Tuesday showed the U.S. services industry shrank for the first time in a decade last month, but it caused barely a ripple in the stock or bond market.
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Disney fell 3 percent after the company reported a steep drop in quarterly profit as many segments of its media and entertainment offerings ground to a standstill during the coronavirus pandemic. Overall, the company said costs related to COVID-19 cut Disney’s pretax profit by $1.4 billion.
The Associated Press contributed to this article.
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