S&P 500 clears 3,000 barrier on hopes of recovery, vaccine
(Reuters) - U.S. stocks jumped and the S&P 500 crossed 3,000 points on Tuesday as optimism about a potential coronavirus vaccine and a revival in business activity helped investors overlook simmering Sino-U.S. tensions.
The benchmark index traded above the key psychological level for the first time since March 5, but came off session highs as White House adviser Larry Kudlow said President Donald Trump was “so miffed with China on virus and other matters that the trade deal is not as important to him as it once was”.
Still, all 11 S&P sector indexes were trading higher, with cyclical financials .SPSY and industrials .SPLRCI rising more than 4%.
The S&P 500 index .SPX has risen about 37% from its March lows on central bank and government stimulus at a time when the U.S. economy is seeing its biggest job loss since the Great Depression. It is now about 11% below its February record high.