Wall Street's Dow Up 2.1% After Decline In New COVID-19 Cases In Tech Hub California

NEW YORK (Pakistan Point News / Sputnik - 15th July, 2020) US stocks closed broadly higher on Tuesday, with the key Dow Jones Industrial Average rising 2 percent, after a drop in novel coronavirus cases in California comforted investors who reacted nervously a day earlier to the closure of all commercial indoor activity in a state that just emerged from COVID-19 lockdowns.

The Dow, the broadest indicator on the New York Stock Exchange, settled up 2.1 percent, or 557 points, at 26,643 points.

The S&P 500, a barometer for the top 500 US stocks, closed up 1.3 percent at 3,197. The technology-heavy Nasdaq Composite settled up 1 percent at 10,488, though that gain fell short of the record high streaks set by the index in recent weeks.

Cases in California rose by 7,346, compared with an 8,358 increase a day earlier, stoking investor hopes that infection in the state could be flattening. The update comes a day after California shut down all restaurants, bars, movie theaters and other places of indoor commercial activity. California is the No.1 tech hub of the United States.