NEW YORK: U.S. stocks rose on Tuesday as a rotation into economically sensitive cyclical stocks reflected optimism that Washington will deliver a new round of stimulus to sustain the U.S. economic recovery from a pandemic-induced recession.
For its part, the 27-member European Union reached an agreement on a massive US$857 billion pandemic recovery plan at the conclusion of a rocky, five-day summit. But expectations have set a low bar. Analysts now see aggregate S&P 500 earnings for the April to June period having declined by 41.8per cent year-on-year, per Refinitiv.
Tesla Inc fell 2.4per cent, retreating from Monday's record closing high after JPMorgan Chase downgraded the electric car maker's stock to"market perform."
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