U.S. stocks closed higher on Tuesday on optimism about the development of coronavirus vaccines and a revival of business activity, but the S&P 500 failed to hold above the key psychological level of 3,000 points.
Stocks pared gains late in the session, after Bloomberg News reported the Trump administration was weighing a range of sanctions on Chinese officials, businesses and financial institutions, reinforcing comments earlier in the day from White House adviser Larry Kudlow.
Kudlow said President Donald Trump was “so miffed with China on virus and other matters that the trade deal is not as important to him as it once was.”had crossed 3,000 for the first time since March 5 before dropping back late in the session. The S&P 500 has risen as much as 37.9% from its March 23 low due to central bank and government stimulus at a time when the U.S. economy is seeing its biggest job losses since the Great Depression of the 1930s. It closed 11.7% below its Feb. 19 record high.
On Monday, California, which has had one of the country’s most restrictive shutdowns, said it would allow retail businesses to offer in-store shopping and places of worship to reopen.
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