Markets inch up as states prepare to reopen

Markets inch up as states prepare to reopen

Stock markets on Tuesday inched upward as more states laid out plans to gradually open their economies.

The Dow Jones Industrial Average was up 133 points, or 0.6 percent, while the S&P 500 rose 26 points, or 0.9 percent.

States such as California said they would start to reopen some shops, though tough social distancing guidelines will remain in place.

ADVERTISEMENT

The increases also follow a resurgence in the price of oil, which dipped into unprecedented negative territory last month as both workers and customers stayed home because of the coronavirus.

But the economy remains on uncertain footing, with historic levels of unemployment as companies struggle with the pandemic and how to adapt to a significant timeline of restrictions.

Silicon Valley darling Airbnb, for example, laid of almost 1,900 people, a quarter of its workforce, as travel sales have plummeted.