Dow gains 125 points as investors weigh economic reopening, oil rallies

• US stocks rose Tuesday as investors continued to weigh economic-reopening efforts worldwide.
• The Federal Reserve Bank of New York said on Monday that it will begin buying corporate-bond exchange-traded-funds Tuesday.
• A measure of consumer prices excluding food and fuel in April posted the biggest monthly drop since 1957.
• WTI crude oil futures climbed as much as 6.8% after declining on Monday.
• Read more on Business Insider.

US stocks rose Tuesday as investors continued to weigh economic-reopening efforts worldwide.

Further, the Federal Reserve Bank of New York will begin buying corporate-bond exchange-traded funds Tuesday as a part of its expanded efforts to support the US economy and financial system in the coronavirus crisis. The central bank has never before purchased ETFs.

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

• S&P 500: 2,938.41, up 0.3%
• Dow Jones industrial average: 24,347.20, up 0.5% (125 points)
• Nasdaq composite: 9,206.27, up 0.2%

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Oil prices climbed, with West Texas Intermediate crude rising as much as 6.8%, to $25.79 a barrel following further production cuts from Saudi Arabia announced on Monday. International benchmark Brent crude climbed 3.6%, to $30.70 per barrel, at intraday highs.

Saudi Aramco, the most valuable company in the world, said Tuesday that it would maintain its dividend, even after profits fell 25% in the first quarter.

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A survey from the National Federation of Independent Business showed that while small businesses expect their sales to continue to slump amid the coronavirus pandemic, they think that the US economy will rebound in the next six months.

Still, data continues to show the impact of the coronavirus lockdowns on the economy. A measure of consumer prices, excluding food and fuel, dropped the most since 1957 in April. The basket of prices including the volatile food and fuel numbers slumped the most since 2008.

As the US weighs reopening, other countries have started to report second waves of cases, including Wuhan, China, Germany, and Russia. On Tuesday, Dr. Anthony Fauci, the nation's leading infectious disease specialist and a key member of the White House coronavirus task force, will reportedly testify about the risks of reopening the economy too soon, according to the New York Times.

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