By Jonathan Garber FOXBusiness
The S&P 500 is fighting to exit its bear market. Tech remains reliable in volatile stock market.
U.S. equity markets rallied Wednesday amid optimism that hospitalizations related to the COVID-19 pandemic are beginning to plateau in some of the hardest-hit areas of the country.
The Dow Jones Industrial Average climbed 257 points, or 1.14 percent, in the opening minutes of trading while the S&P 500 and Nasdaq Composite rose 1.09 percent and 1.11 percent, respectively.
The major averages gave up big gains on Tuesday that had briefly lifted the S&P 500 out of its bear market. The index must gain 25.47 points, or 1 percent, to close above the 2,684.88 level needed to officially exit.
Carnival Cruise Line rallied for a third day after Saudi Arabia’s investment fund announced on Monday it had taken an 8 percent stake in the heavily beaten-down cruise operator.
Electric-car maker Tesla furloughed all non-essential employees and cut pay through the end of the second quarter, according to a Reuters report that cited a company email.
Retailers Party City and Dick’s Sporting Goods announced they would be furloughing workers.
On the earnings front, blue jeans maker Levi Strauss & Co. reported better-than-expected top- and bottom-line results and withdrew its 2020 guidance due to uncertainty caused by COVID-19.
The social-media company Pinterest soared after reporting preliminary results and withdrawing its 2020 guidance. Pinterest will release its final results on May 5.
In commodities, West Texas Intermediate crude oil rose 2.7 percent to $24.26 a barrel ahead of Thursday’s key meeting between OPEC and its allies, and gold inched up 0.17 percent to $1,686 an ounce.
U.S. Treasurys slipped, running the yield on the 10-year note higher by 1.6 basis points to 0.75 percent.
In Europe, France’s CAC was down 0.96 percent, Britain’s FTSE slid 0.97 percent and Germany’s DAX shed 0.58 percent.
Asian markets were mixed, as Japan’s Nikkei gained 2.13 percent in response to Prime Minister Shinzo Abe’s $1 trillion stimulus package. China’s Shanghai Composite and Hong Kong’s Hang Seng fell 0.19 percent and 1.17 percent, respectively.
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