Dow Rises 556 points, posting three-day winning streak

4 months ago 24
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July 14 (UPI) -- The Dow Jones Industrial Average climbed more than 500 points on Tuesday, marking three consecutive days of gains.

The blue-chip index closed the day up 556.79 points, or 2.13 percent, while the S&P 500 gained 1.34 percent and the Nasdaq Composite increased 0.94 percent.

Caterpillar stock drove the Dow higher, rising 4.83 percent, while Exxon Mobil and Chevron stock both gained more than 3 percent. Boeing stock increased 2.48 percent, despite announcing that airlines had canceled 60 more orders of its 737 Max aircraft.

The S&P 500 was led by the energy sector, which gained 2.5 percent, while materials and industrials each increased 1 percent.

Tech stocks, however, faltered on Tuesday as Amazon fell 0.64 percent and Netflix dropped 0.12 percent, while Google's parent company, Alphabet, rose 0.57 percent and Facebook gained 0.31 percent.

The Nasdaq's gains came after the index rose nearly 2 percent to a record in early trading Monday but ended the day down more than 2 percent.

Federal Reserve governor Lael Brainard said that the U.S. economy "will face headwinds for some time" as a result of the COVID-19 pandemic.

"That calls for a sustained and comprehensive framework of accommodation," she said.

Brainard added that fiscal support, such as one-time individual relief payments and expanded unemployment insurance benefits, "will remain vital" to recovery in spending and hiring.

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