- US stocks rose on Tuesday as investors reacted to historic economic stimulus in Europe.
- The European Union on Tuesday agreed to a historic 750 billion-euro ($860 billion) stimulus package to aid the region’s economic recovery from the shock of the coronavirus pandemic.
- Technology stocks continued to rally a day after the S&P 500 closed at its highest level since February.
- Oil prices rose, hitting the highest levels since March.
- Read more on Business Insider.
US stocks rose on Tuesday, with tech stocks continuing their sharp rally, as investors reacted to historic European economic stimulus.
The European Union on Tuesday agreed to a historic 750 billion-euro ($860 billion) stimulus package to aid the region’s economic recovery from the shock of the coronavirus pandemic. Stocks in Europe rose to a four-month high on the news.
Shares of technology companies continued to climb following Monday’s gains, which sent the S&P 500 to its highest level since February and the Nasdaq to another record. Shares of Amazon were higher Tuesday, continuing gains from the previous day driven by Goldman Sachs raising its price target on the company.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:
- S&P 500: 3,269.78, up 0.6%
- Dow Jones industrial average: 26,919.39, up 0.9% (240 points)
- Nasdaq composite: 10,768.12, up 0.1%
Shares of IBM rose Tuesday after reporting earnings results Monday that beat Wall Street's expectations for earnings per share, even though revenue fell on the year.
Coca-Cola gained after its Tuesday earnings release showed profits that beat analyst expectations. Lockheed Martin also climbed quarterly report showed profits and sales that beat expectations. The company also lifted its full-year outlook.
Oil prices rose Tuesday, hitting the highest levels since March. West Texas Intermediate crude gained as much as 3.3%, to $42.16 per barrel. Brent crude, the international benchmark, rose 3.4%, to $44.75 per barrel, at intraday highs.