Stocks rise as investors anticipate gradual nationwide reopening
On Tuesday, stocks rose as investors anticipated national reopening plans and reflected on recent corporate earnings results.
Market participants also kept a close eye on the start of the Federal Reserve’s program to purchase corporate debt exchange-traded funds, which kicks off Tuesday.
Earlier, U.S. equity futures traded lower during the overnight session following a Fox Business report that the White House was seeking to keep federal employee retirement funds from being invested in Chinese equities. This raised concerns that already strained relations between the two countries would see an uptick in tensions.
On Monday, stocks ended the session mixed, with the S&P 500 and Nasdaq modestly positive on the day.
Big tech shares outperformed, as investors bet on these companies’ resilience even as the coronavirus pandemic and social distancing measures to contain it remained ongoing.
After ending Monday’s session higher, the Nasdaq was up for six straight sessions – its longest winning streak so far in 2020.