Stocks continued their gains during Tuesday's session as investors bet on the economic reopening ushering in a wave of financial recovery. Yet, pressure is mounting surrounding the level of civil unrest that has taken to the street across the United States against police brutality. Although the initial ease of social restrictions brought on by the coronavirus pandemic had reignited Wall Street, the protests not pose a threat to disrupting more reopening plans and consumer confidence. In addition, the protests also threaten another wave of coronavirus outbreaks as thousands stand close together for long periods of time. Only time will tell if the market has truly met its bottom from March's crash.
Here's how the stock market settled on Tuesday:
S&P 500 Index (NYSE: SPY): +0.82% or +25.09 points to 3,080.82
Dow Jones Industrial Average (NYSE: DIA): +1.05% or +267.63 points to 25,742.65
Nasdaq Composite Index (NASDAQ: QQQ): +0.59% or +56.33 points to 9,608.38
In Major Stock News, big banks--Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JPMorgan (NYSE: JPM), Morgan Stanley (NYSE: MS) and Wells Fargo (NYSE: WFC)--gained with financials as market optimism is high surrounding economic recovery. Shopping center and mall property groups--Federal Realty Investment Trust (NYSE: FRT), Simon Property Group (NYSE: SPG), SL Green Realty (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO)--all increased as more brick and mortar establishment across the country reopen. Tech stocks--Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Netflix (NASDAQ: NFLX) and Google (NASDAQ: GOOGL)--were mostly flat throughout Tuesday's session as investors looked toward stocks that will gain during reopening. Western Union (NYSE: WU)and MoneyGram International (NASDAQ: MGI) both surged following a Bloomberg report that Western Union offered a takeover.
In Stock Sector News, every sector increased during Tuesday's session, as market participants bet that the nationwide protests will not effect the economy. The performance gain were as follows: Energy +2.65%, Materials +1.76%, Industrials +1.29%, Information Technology +0.94%, Financials +0.82%, Real Estate +0.66%, Consumer Discretionary +0.63%, Health Care +0.61%, Utilities +0.60%, Communication Services +0.49% and Consumer Staples +0.20%.
In Commodity and Currency News, July Futures for West Texas Intermediate (NYSE: USO) keep climbing higher due to OPEC+ nearing an agreement on extended production cuts on Tuesday, with barrel prices settling up 3.9% to $36.81. Gold (NYSE: GLD) futures settled lower bu 0.86%, bringing the metal's ounce price to $1,735. Finally, the U.S. Dollar (NYSE: UUP) also fell about 0.10% also investors moved more money into stocks.
As the market moves into mid-week, investors will focus on new economic data including private payrolls and the U.S. services sector report.