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US STOCKS-Wall Street rises as lockdowns ease, healthcare shares jump

Published 05/06/2020, 04:02 AM
Updated 05/06/2020, 04:10 AM
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(For a live blog on the U.S. stock market, click LIVE/ or
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* Indexes: Dow +0.56%, S&P 500 +0.90%, Nasdaq +1.14%
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(Updates with close of U.S. markets)
By Lewis Krauskopf
May 5 (Reuters) - Wall Street's main indexes gained on
Tuesday as healthcare stocks rallied, oil prices surged and a
number of countries and U.S. states eased coronavirus-induced
restrictions in an attempt to revive their economies.
Stocks pulled back sharply late in the session after Federal
Reserve Vice Chair Richard Clarida made downbeat comments about
the depth of the economic contraction. Some hard-hit countries, including Italy, as well some U.S.
states including California are tentatively easing lockdown
orders this week, raising hopes for a recovery in oil demand.
Healthcare shares led among S&P 500 sectors following
developments in efforts to control the coronavirus from Pfizer
PFE.N and Regeneron Pharmaceuticals REGN.O .
“We are starting to see some states open up, we are starting
to see some activity," said Paul Nolte, portfolio manager at
Kingsview Investment Management. “We are probably now in the
midst of the worst period and things will be gradually improving
from here.”
Unofficially, the Dow Jones Industrial Average .DJI gained
0.56% to end at 23,883.09 points, while the S&P 500 .SPX
gained 0.90% to 2,868.44.
The Nasdaq Composite .IXIC added 1.14% to 8,810.00.
Shares of large tech and internet companies such as
Microsoft MSFT.O and Apple AAPL.O also gained, giving lifts
to the indexes.

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