Toward the end of trading Tuesday, the Dow traded up 2.41% to 26383.09 while the NASDAQ rose 1.96% to 9916.55. The S&P also rose, gaining 2.22% to 3134.59.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,114,020 cases with around 116,120 deaths. Brazil confirmed a total of over 888,270 COVID-19 cases with 43,950 deaths, while Russia reported a total of at least 544,720 confirmed cases and 7,270 deaths. In total, there were at least 8,052,090 cases of COVID-19 worldwide with over 437,280 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Health Care shares climbed 3% on Tuesday. Meanwhile, top gainers in the sector included IDEAYA Biosciences, Inc. IDYA, up 45%, and Eli Lilly and Company LLY, up 17%.
In trading on Tuesday, communication services shares rose by just 1.5%.
Top Headline
U.S. retail sales surged 17.7% in May, after falling 14.7% in April. However, analysts were expecting for an 8% increase.
Core retail sales gained 12.4% during the month, exceeding estimates of a 5.5% growth.
Equities Trading UP
IDEAYA Biosciences, Inc. IDYA shares shot up 45% to $12.94 after the company, along with GSK, announced a partnership in Synthetic Lethality.
Shares of Mid-Con Energy Partners, LP MCEP got a boost, shooting 88% to $5.18 after the company reported a strong rise in Q1 sales.
ClearSign Technologies Corporation CLIR shares were also up, gaining 190% to $2.30 after the company received a multi-unit process burner order from ExxonMobil.
Equities Trading DOWN
AVEO Pharmaceuticals, Inc. AVEO shares tumbled 13% to $6.66 after the company reported a proposed public offering of common stock.
Shares of Genius Brands International, Inc GNUS were down 14% to $3.91. Following the Monday launch of its new free digital Kartoon Channel! across multiple AVOD and OTT platforms, Genius Brands announced the new programming slate of premium content for children 2 – 11 years-old and their families set to debut on the channel.
Chesapeake Energy Corporation CHK was down, falling 19% to $15.27. Chesapeake Energy will file for bankruptcy as soon as this week, Reuters reported.
Commodities
In commodity news, oil traded up 3.5% to $38.41, while gold traded up 0.5% to $1,736.30.
Silver traded up 1.4% Tuesday to $17.645, while copper rose 0.1% to $2.569.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 2.9%, the Spanish Ibex Index rose 3.25%, while Italy’s FTSE MIB Index surged 3.46%. Meanwhile, the German DAX 30 climbed 3.39%, French CAC 40 rose 2.84% and UK shares rose 2.94%.
Economics
U.S. retail sales surged 17.7% in May, after falling 14.7% in April.
The Johnson Redbook Retail Sales Index fell 2.4% during the first two weeks in June versus May.
U.S. industrial production rose 1.4% for May, versus analysts’ expectations for a 2.9% increase.
U.S. business inventories declined 1.3% in April, after a revised 0.3% decline in March.
The NAHB housing market index rose 21 points to a reading of 58 in June.
Federal Reserve Vice Chairman Richard Clarida will speak at 6:00 p.m. ET.
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