Stocks ended higher on Tuesday, but well off their best levels, as market participants said cautious comments about the health of the U.S. economy from Federal Reserve's No. 2, Richard Clarida, deflated much stronger gains. Investors had been upbeat as the easing of social restrictions put in place to stem the spread of the COVID-19 pandemic was fueling optimism on Wall Street. The S&P 500 rose 0.9% to 2,868. The Dow Jones Industrial Average climbed 133 points, or 0.6%, to 23,883, all on a preliminary basis. The Nasdaq Composite gained 1.1% to 8,809. Despite the pullback from the intrday high Tuesday stocks still have managed to shrug off the economic devastation across the U.S. as the reopening of some states and counties offers a glimpse of the recovery. In company news, shares of Hertz (HTZ) tumbled more than 16% after the Wall Street Journal reported that the car rental company had hired an additional adviser to help with an imminent bankruptcy filing.
-Sunny Oh; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 05, 2020 16:30 ET (20:30 GMT)
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