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US Indexes Regain Some Ground Tuesday

The Dow Jones Industrial Average closed at 20,704.91 on Tuesday with a gain of 2,112.98 points or 11.37%. The S&P 500 closed at 2,447.33 for a gain of 209.93 points or 9.38%. The Nasdaq Composite closed at 7,417.86 for a gain of 557.18 points or 8.12%. The VIX Volatility Index was lower at 60.71 for a loss of 0.88 points or -1.43%.

Tuesday's market movers

U.S. indexes regained some ground Tuesday following the lead of markets in Asia and Europe. New York state began trials for chloroquine on infected patients in the state. Gilead (NASDAQ:GILD) announced it had received orphan drug status for its coronavirus drug remdesivir. Oracle (NYSE:ORCL) has also said it will provide a technical platform for collectively tracking coronavirus drug trials by the Department of Health and Human Services, Food and Drug Administration and Centers for Medicare and Medicaid.

Congress is continuing to debate a stimulus package that, among other things, would provide checks of approximately $1,000 to Americans. Meanwhile, coronavirus cases continued to climb to nearly 50,000 in the U.S. President Trump enacted the Defense Production Act to increase production of medical supplies. Trump also said that the U.S. could reopen by Easter with several comments about protecting the economy over implementing setbacks because of the virus.

In other news:

  • Japan said it would delay the Tokyo Olympics.
  • The Markit Composite PMI decreased to 40.5 in March from 49.6. Separately, the Markit Manufacturing PMI decreased to 49.2 from 50.7 and the Markit Services PMI decreased to 39.1 from 49.4.
  • New home sales decreased 4.4% in February to a seasonally adjusted annual rate of 0.765 million.
  • The Treasury held auctions for 52-week bills at a rate of 0.26% and two-year notes at a rate of 0.398%. The 10-year Treasury finished the day at a yield of approximately 0.84%.

In the S&P 500, energy and financials led gains. In the Dow Jones Industrial Average, the following stocks led gains:

  • American Express (NYSE:AXP) 20.10%
  • Boeing (NYSE:BA) 18.02%
  • Chevron (NYSE:CVX) 17.65%
  • McDonald's (NYSE:MCD) 16.41%
  • Nike (NYSE:NKE) 13.76%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,080.53 for a gain of 78.11 points or 7.79%. The S&P 600 closed at 649.32 for a gain of 53.65 points or 9.01%. The Dow Jones U.S. Small-Cap Growth Index closed at 7,308.66 for a gain of 661.64 points or 9.95%. The Dow Jones U.S. Small-Cap Value Index closed at 5,526.79 for a gain of 477.31 points or 9.45%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,349.04 for a gain of 130.49 points or 10.71%; the S&P 100 at 1,130.00 for a gain of 90.00 points or 8.65; the Nasdaq 100 at 7,553.82 for a gain of 546.91 points or 7.81%; the Russell 3000 at 1,409.41 for a gain of 121.37 points or 9.42%; the Russell 1000 at 1,339.90 for a gain of 115.46 points or 9.43%; the Wilshire 5000 at 24,634.65 for a gain of 2,109.50 points or 9.37%; and the Dow Jones U.S. Select Dividend Index at 491.02 for a gain of 45.84 points or 10.30%.

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This article first appeared on GuruFocus.