MARKETSStocks rise for a second day with Dow up 100 points as investors bet on the economy reopening
PUBLISHED MON, MAY 4 20206:05 PM EDTUPDATED TUE, MAY 5 20204:19 PM EDT
CNBC Fred Imbert@FOIMBERT
Oil prices also got a jolt from hope that the economic downturn has bottomed, rallying 20%. It was the fifth-straight day of gains for crude, a market that has been in turmoil with prices turning negative at one point last month. Crude is up 30% so far in May.
The market’s gains on Tuesday came even after dismal data on the U.S. services sector. The ISM nonmanufacturing index dropped last month to its lowest level since March 2009.
“Markets are increasingly looking toward this reopening and the gradual relaxation to some of the rules the lead people start economic activity again,” said Eric Winograd, senior economist for fixed income at AllianceBernstein. But “the recovery is going to be much more gradual, because it is going to be different paces in different places.”