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Dow jumps 300 points as oil-price recovery extends into its 5th day

Traders NYSE green
  • US stock indexes jumped on Tuesday as reopenings across several states and an extended oil rally boosted investor optimism.
  • West Texas Intermediate crude oil soared as much as 14% to $23.35 per barrel, pushing its rally into a fifth day and marking a sharp rebound from its April 21 lows.
  • Watch major indexes update live here.

US equities traded higher on Tuesday as gradual reopenings throughout the country and a five-day oil rally lifted investor sentiments.
West Texas Intermediate crude for June delivery soared as much as 15% to $23.35 per barrel. The beleaguered commodity has roughly doubled from its April 21 lows as global demand begins to recover. Brent crude, oil's international benchmark, climbed as much as 10% to $29.94 per barrel.
Both futures contracts fell under historic pressure through the end of April as demand plummeted and storage neared capacity.
Here's where US indexes stood shortly after the 9:30 a.m. ET Tuesday:
  • S&P 500: 2,880.04, up 1.3%
  • Dow Jones industrial average: 24,055.09, up 1.3% (305 points)
  • Nasdaq composite: 8,834.89, up 1.4%
Read more: Award-winning fund manager Randall Dishmon says the way to win at investing is to think like a Warren Buffett-style acquirer. Here are the 3 questions he always asks before buying a stock.
"Many market participants believe there is light at the end of the tunnel" for oil prices, said UBS analyst Giovanni Staunovo.
The gains arrive after China retaliated against US Secretary of State Mike Pompeo and his claims that there exists "enormous evidence" the coronavirus was created in a Chinese lab. Chinese state media deemed the Trump administration official a liar and "evil," further escalating tensions between the two nations after months of relative calm.
Tuesday's session follows a nearly-flat trading day to start the week. Major airline stocks slid, with United Airlines, American Airlines, Delta Air Lines, and Southwest Airlines plummeting on the news that Warren Buffett dumped his holdings in the firms.
Read more: Renowned strategist Tom Lee recommends 12 beaten-down travel stocks to buy now for an average profit of 32% during the pandemic recovery
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