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Julie Young
Julie Young
Articles (1427) 

Stocks Close Higher Tuesday After the Long Weekend

Dow Jones gains 2.17%

The Dow Jones Industrial Average closed at 24,995.11 on Tuesday with a gain of 529.95 points or 2.17%. The S&P 500 closed at 2,991.77 for a gain of 36.32 points or 1.23%. The Nasdaq Composite closed at 9,340.22 for a gain of 15.63 points or 0.17%. The VIX Volatility Index was higher at 28.28 for a gain of 0.12 points or 0.43%.

Tuesday’s market movers

U.S. indexes closed higher Tuesday. Investors were optimistic about reopenings across the nation. Most states had substantial reopening plans for the Memorial Day weekend. Trump officials also said the administration is considering back to work bonus payments for some Americans.

The State Street SPDR Consumer Discretionary ETF (XLY) gained 1.58% with travel and hospitality higher for the day. Biotech company Novavax (NASDAQ:NVAX) was also higher after announcing human trials for its coronavirus vaccine.

Economic reports affecting market trading included the following:

  • The Chicago Fed National Activity Index decreased to -16.74 in April from -4.97.
  • The S&P/Case-Shiller Home Price Index increased 1.1% in March and 3.9% year over year.
  • The FHFA House Price Index increased 0.1% in March.
  • The Conference Board’s Consumer Confidence Index improved to 86.6 in May from 85.7.
  • New home sales increased 0.6% in April to a seasonally adjusted annual rate of 0.623 million.
  • The Dallas Fed Manufacturing Index improved to -49.2 in May from -74.
  • The Treasury held auctions for three-month bills at a rate of 0.130%, six-month bills at a rate of 0.160%, two-year notes at a rate of 0.178% and 42-day bills at a rate of 0.120%.

In the S&P 500, financials led gains. In the S&P 100, the following stocks led gains:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,393.07 for a gain of 37.54 points or 2.77%. The S&P 600 closed at 806.47 for a gain of 31.13 points or 4.02%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,597.67 for a gain of 196.90 points or 2.09%. The Dow Jones U.S. Small-Cap Value Index closed at 6,757.90 for a gain of 341.53 points or 5.32%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,753.03 for a gain of 57.70 points or 3.40%; the S&P 100 at 1,369.98 for a gain of 11.04 points or 0.81%; the Nasdaq 100 at 9,389.98 for a loss of 24.01 points or -0.26%; the Russell 3000 at 1,742.44 for a gain of 23.77 points or 1.38%; the Russell 1000 at 1,653.62 for a gain of 21.16 points or 1.30%; the Wilshire 5000 at 30,426.43 for a gain of 408.91 points or 1.36%; and the Dow Jones U.S. Select Dividend Index at 577.07 for a gain of 16.41 points or 2.93%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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