From Market Insider
- US stocks rose Tuesday as investors looked past nationwide civil unrest to encouraging signs of an economic reopening.
- Equity futures slipped initially in overnight trading after President Donald Trump said he would deploy the military if states didn’t act to quell violence from protests.
- Those losses were erased by the market open as traders weighed signals of an economic recovery and the prospect of new German stimulus.
- Oil prices gained as OPEC and its allies are said to favor extending production cuts.
US stocks rose on Tuesday as investors looked past protests and riots taking place all over the country to instead focus on the economy reopening.
Equity futures slipped initially in overnight trading after President Donald Trump said he would deploy the military if states didn’t act to quell violence from protests. Those losses were erased by the market open as traders weighed signals of a manufacturing recovery and the prospect of up to $112 billion of additional German stimulus.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:
- S&P 500: 3,060.08, up 0.1%
- Dow Jones industrial average: 25,559.08, up 0.3% (84 points)
- Nasdaq composite: 9,536.72, down 0.2%
Oil prices gained Tuesday as OPEC and its allies were said to favor an extension of existing production cuts designed to backstop the commodity, which has seen demand evaporate amid coronavirus. West Texas Intermediate crude gained as much as 3%, to $36.51 per barrel. International benchmark Brent crude rose 3.2%, to $39.55 per barrel, at intraday highs.
Still, there are a number of risks that could dash market optimism. Tensions between the US and China have escalated in recent weeks, potentially threatening the phase one trade deal.
And while markets have largely looked past the violent protests stemming from George Floyd’s death, some experts argue that they could have a negative impact on stocks and the economic recovery.