The S&P 500 climbed 1.9% for its third straight gain, bringing it back within 8% of its record set in February. Gains have built in recent weeks as reports bolster investor expectations that the worst of the downturn may have already passed.
Continuing, immense support from the
The S&P 500 shot to an early 2.8% gain, lost nearly all of it at one point and then rallied back. By the end of Tuesday, the index was up 58.15 points at 3,124.74.
The Dow Jones Industrial Average rose 526.82, or 2%, to 26,289.98, and the Nasdaq composite climbed 169.84, or 1.7%, to 9,895.87.
"The markets have been looking forward to the economy reopening, and that's a large part of the story for the next few months," said
"My feeling is that while reopenings and things get better, it won't be without some backsteps, and I think it'll be a rocky few months more for the markets."
Retail sales jumped 17.7% from April to May, more than double economists' expectations, to retrace some of their record-setting plunges in March and April as businesses reopened across the country. It follows earlier reports that the
Among other encouraging signs spurring markets worldwide: Researchers in
Underpinning all of the market's strength is continued aid coming from central banks, which have repeatedly come to the economy's rescue. The
And with lots of cash sitting uninvested in money market accounts, the market has more potential fuel for its next leg higher, he said. "People are just waiting for any good news to jump in and drive that higher."
Still, caution continues to run through markets. A record number of fund managers in
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