Stock markets rise as oil recovers

Stock markets rise as oil recovers
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Stock markets opened up on Tuesday as the tumultuous oil market came back from all-time lows.

The Dow Jones Industrial Average was up 300 points, or 1.3 percent, while the S&P 500 was up 38 points, also 1.3 percent. The Nasdaq composite, with a 126-point gain, was up 1.4 percent.

The price of oil, which last month fell into negative territory for the first time in history, has steadily increased for the past five days as more states laid out plans to reopen from lockdowns.

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Oil was up 16 percent Tuesday morning, reaching $23.63.

Companies such as Starbucks and Macy's, as well as several major mall chains, rolled out plans to reopen in states where it was permitted.

But the economic toll from the coronavirus pandemic continued as well. Clothing retailer J. Crew filed for bankruptcy protection, and General Electric Co. announced plans to cut a quarter of the workers in its aviation unit.