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May 26, 2020, 4:09 p.m. EDT

Dow closes 500 points higher as optimism builds for economic reopening

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By Chris Matthews

U.S. stocks closed sharply higher Tuesday as markets focused on evidence of the global economy reemerging from COVID-19 shutdowns and some signs of progress on the race for a vaccine. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.26% rose 530 points, or 2.2% to close around 24,995 and the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.53% gained 36 points, or 1.2% to finish the session near 2,992. The Nasdaq Composite index rose 16 points, or 0.2%, to close at about 9,340. Sentiment was buoyed by news that Novavax Inc. /zigman2/quotes/202614340/composite NVAX -1.19% had started human trials of a COVID-19 vaccine. Also fueling gains were recent data showing U.S. air travel has risen and evidence that restaurants and freight trucking were seeing greater demand. Airline stocks surged Tuesday, with the US Global JETS ETF /zigman2/quotes/207744796/composite JETS -4.16% gaining 11.2% on the day, led by shares of Delta Air Lines Inc. /zigman2/quotes/200327741/composite DAL -4.74% , United Airlines Holdings, Inc. /zigman2/quotes/205037281/composite UAL -6.78% and American Airlines Holdings Inc. /zigman2/quotes/209207041/composite AAL -5.71% , all of which posted double-digit gains. The session was also colored by evidence of a rotation out of what has been a defensive technology sector into cyclical names that benefit during economic recoveries. Financial stocks posted the biggest gains on a sector basis, with the Financial Select Sector SPDR Fund /zigman2/quotes/209660484/composite XLF -2.09% rising 5.3% on the day.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,739.58
-327.70 -1.26%
Volume: 269.99M
July 9, 2020 2:51p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,153.17
-16.77 -0.53%
Volume: 1.76B
July 9, 2020 2:51p
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/zigman2/quotes/202614340/composite
US : U.S.: Nasdaq
$ 97.14
-1.16 -1.19%
Volume: 2.97M
July 9, 2020 2:51p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.70 billion
Rev. per Employee
$90,470
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/zigman2/quotes/207744796/composite
US : U.S.: NYSE Arca
$ 15.65
-0.68 -4.16%
Volume: 2.52M
July 9, 2020 2:51p
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/zigman2/quotes/200327741/composite
US : U.S.: NYSE
$ 25.73
-1.28 -4.74%
Volume: 25.38M
July 9, 2020 2:51p
P/E Ratio
4.77
Dividend Yield
0.00%
Market Cap
$17.23 billion
Rev. per Employee
$499,337
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/zigman2/quotes/205037281/composite
US : U.S.: Nasdaq
$ 30.33
-2.21 -6.78%
Volume: 43.45M
July 9, 2020 2:51p
P/E Ratio
8.20
Dividend Yield
N/A
Market Cap
$9.45 billion
Rev. per Employee
$448,946
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/zigman2/quotes/209207041/composite
US : U.S.: Nasdaq
$ 11.31
-0.69 -5.71%
Volume: 60.33M
July 9, 2020 2:51p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$6.09 billion
Rev. per Employee
$345,547
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 22.69
-0.48 -2.09%
Volume: 48.57M
July 9, 2020 2:51p
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