US stocks end higher amid oil rally, hopes for economy reopening

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New York, May 6 (IANS) US stocks closed higher as market sentiment was boosted by a strong rally in oil prices and hopes for restarting the economy.
On Tuesday, the Dow Jones Industrial Average increased 133.33 points, or 0.56 per cent, to 23,883.09, after jumping more than 400 points earlier in the session, Xinhua news agency reported.
The S&P 500 was up 25.70 points, or 0.90 per cent, to end at 2,868.44. The Nasdaq Composite Index rose 98.41 points, or 1.13 per cent, to 8,809.12.
Ten of the 11 primary S&P 500 sectors finished higher, with health care and technology up 2.15 per cent and 1.42 per cent, respectively, outpacing the rest. Financials fell 0.07 per cent, the only declining group.
The upbeat finish followed massive gains in crude futures.
The West Texas Intermediate, the US oil benchmark, soared 20.45 per cent to settle at US $24.56 a barrel, while the international benchmark Brent crude rallied more than 13 per cent.
Wall Street also gauged the possibility of normalizing economic activities as some US states started to ease restrictions on business.
On the data front, US Non-Manufacturing Index registered 41.8 per cent in April, falling sharply from the March reading of 52.5 per cent, the Institute of Supply Management reported Tuesday. A reading below 50 percent indicates the sector is generally contracting.

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