A partial reopening of the economy in Alaska, Georgia, South Carolina, Tennessee, Texas and others boosted investor sentiments. New York Gov. Andrew Cuomo said the state will likely begin to reopen the economy in certain areas with certain precautions after May 15. Treasury Secretary Steven Mnuchin said he expected the U.S. economy to bounce back in the months after June, once the lockdowns are dismantled.
Retailers, one of the hardest hit industries by the coronavirus, helped than broader market with Kohl's, PVH, Nordstrom, Gap and L Brands all surging more than 11%. Casino stocks and cruise lines also saw large gains. Disney was the biggest winner in the Dow, rising 4.8%.
Bank stocks also got a boost from rising bond yields, as investors fled safer assets and moved into equities. JPMorgan rose 4.3%, Citigroup surged 8% and Wells Fargo gained 5.5%. Bank f America and Goldman Sachs rose 5.8% and 3.7%, respectively.
Significant strength was also visible among housing stocks, as reflected by the 4.7% jump by the Philadelphia Housing Sector Index.
Steel stocks also moved sharply higher over the course of the trading session, driving the NYSE Arca Steel Index up by 4%.
Commercial real estate, tobacco and transportation stocks also saw considerable strength, moving higher along with most of other major sectors.
Tesla Inc jumped 10.1% after a report said the company was calling some workers back to its California vehicle-assembly plant next week.
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