US stocks end up on optimism about coronavirus vaccines, reopenings

NEW YORK - Wall Street stocks surged on Tuesday on optimism about a rebound in the United States, as more states emerge from coronavirus shutdowns and drugmakers step up efforts to find a vaccine.The broad-based S&P 500 gained 1.2 per cent to 2,991.77, while the tech-rich Nasdaq Composite Index added 0.2 per cent at 9,340.22.

But Lynn Franco, senior director of economic indicators at the Conference Board, warned of a cloud of"uncertainty hanging over consumers' heads," due in part to a possible second wave of Covid-19 infections. That was due in part to aggressive emergency spending programmes from Washington and the relative stability of housing prices compared to the recession following the 2008 financial crisis, he said.

Biotechnology company Novavax jumped 4.5 per cent as it announced it had enrolled the first participants for a phase one trial of a vaccine candidate.

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