What happened to the stock market Tuesday: Coronavirus optimism lifts stocks

spike

The Wall Street Bull, located in the financial district of New York City.

Mike Roy | MCT | Tribune News Service | Getty Images

Dow Jones Industrial Average climbs 558 points

The Dow gained 558.99 points, or 2.39%, to close at 23,949.76. The S&P 500 advanced 3.06% to 2,846.06. The Nasdaq Composite rose 3.95% to end the day at 8,515.74. Stocks got a boost as investors cheered the apparent progress on the coronavirus front.

More coronavirus optimism

New York Gov. Andrew Cuomo said Tuesday deaths related to the virus in the state are leveling off, adding the coronavirus hospitalization rate in New York remains low.  President Donald Trump said in a press conference Monday night that growth in new coronavirus infections stabilized, providing “clear evidence” that mitigation is working in the country.

Amazon hits record, J&J rises on earnings

Amazon shares rallied 5.28% to lead the Nasdaq higher. The e-commerce giant also hit a record high. Johnson & Johnson was among the best-performing Dow stocks, rising 4.48% on better-than-expected earnings.

What happens next?

Bank of America, Goldman Sachs and Citigroup are all scheduled to report earnings on Wednesday.

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