Markets

Here's what happened to the stock market on Tuesday

VIDEO1:2001:20
News Update – Market Close

Dow Jones Industrial Average rises 133 points

The Dow gained 133.33 points, or 0.56%, to close at 23,883.09. The S&P 500 climbed 0.90% to 2,868.44. The Nasdaq Composite advanced 1.13% to 8,809.12. Investors increased bets that the economy will reopen soon, lifting the broader market indexes.

States slowly reopen

California Gov. Gavin Newsom said Monday some of the state's retailers will be allowed to offer curb-side pickup starting Friday while New York's Andrew Cuomo said the state's hospitalization and death rates are declining. This optimism also sent oil surging 20%. To be sure, Federal Reserve Vice Chairman Richard Clarida said the economy will need more support on the fiscal and monetary side. That comment led the major averages to trim their gains in the final hour of trading.

Chevron, Pfizer gain

Chevron shares rose 1.59%, following oil prices higher. Pfizer shares advanced 2.37% after the pharmaceutical company announced it has started human coronavirus vaccine trials.

What happens next?

Private payrolls data from ADP and Moody's Analytics are set for release Wednesday. GM, CVS Health and Wendy's are among the companies set to report earnings.

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