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Stocks extend gains on hopes coronavirus cases are peaking

U.S. stocks extended gains Tuesday on hopes the peak of the coronavirus pandemic surge may be near in some places in the U.S. and Europe.

The Dow Jones Industrial Average jumped 600 points, a day after soaring more than 1,600 points. The Standard & Poor’s 500 rose 2.5%, adding to gains after it posted its best day in nearly two weeks on Monday. All 11 sectors in the broad index were higher, led by gains in energy, real estate and industrial shares. 

Investors have been anxiously watching for signs that the rate of new infections may be hitting its peak, which would give some clarity about how long the upcoming recession will last and how deep it will be. The S&P 500 is still down more than 21% since its record set in February, but the losses have been slowing since Washington promised massive amounts of aid to prop up the economy.

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