Dow climbs 280 points amid renewed pandemic-recovery optimism

• US stocks moved higher on Tuesday ahead of economic data that is expected to show a continued economic recovery from the pandemic.
• ISM Manufacturing data for May is expected to come in slightly above April's reading of 60.7.
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US stocks started June higher, with the Dow Jones surging nearly 300 points ahead of economic data that is expected to show a continued economic recovery from the pandemic.

ISM Manufacturing data for the month of May is expected to come in slightly above April's reading of 60.7 at 61, according to analyst estimates.

The move higher in stocks will put the S&P 500 and Dow Jones within striking distance of record highs, as both indexes are less than 1% away from the potential milestone.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

• S&P 500: 4,231.20, up 0.64%
• Dow Jones industrial average: 34,808.46, up 0.81% (279.01)
• Nasdaq composite: 13,821.32, up 0.53%

Oil surged on Tuesday, hitting highs not seen since 2018 after OPEC+ members forecasted growing demand amid a global economic recovery. The oil group is expected to confirm its supply policies in an upcoming meeting.

Electric truck startup Rivian Automotive is said to be seeking a $70 billion valuation when it goes public later this year, according to a report from Bloomberg. The company was last valued at $27.6 billion in January.

Reddit meme stocks continued to soar on Tuesday, with movie-theater chain AMC Entertainment up as much as 20%. The company raised $230.5 million from the sale of stock to a private investment firm. Blackberry also surged as much as 10% in Tuesday trades.

Shares of Nio were higher in Tuesday trades following an upgrade from Citi, which said the stock could jump 50% on demand for electric vehicles in China.

Oil prices were higher. West Texas Intermediate crude rose 3%, to $68.30 per barrel. Brent crude, oil's international benchmark, jumped 2.1%, to $70.78 per barrel.

Gold jumped 0.2%, to $1,910.60 per ounce.