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Investing.com — U.S. stocks rose Tuesday, with hopes for a quick restart to the U.S. economy defying another barrage of bad news and gloomy forecasts on the Covid-19 front.
By 11:40 AM ET (1540 GMT), the Dow Jones Industrial Average was up 430 points or 1.8%. The S&P 500 was up 2.2% and the Nasdaq Composite was up 2.9%.
The move came on the back of another bullish briefing by President Donald Trump on Monday, who amped up the pressure on state governors to ensure that state-wide lockdowns don’t drag on through the summer.
However, the news from the economy itself continued to be bad. The International Monetary Fund predicted the worst global recession since the 1930s, including a 5.9% drop in gross domestic product for the U.S.
Two of the country’s biggest banks, meanwhile, reported big jumps in provisions against bad loans as they kicked off the first-quarter earnings season, JPMorgan (NYSE:JPM) booking $6.8 billion in provisions and Wells Fargo (NYSE:WFC) booking $4 billion. JPMorgan CEO Jamie Dimon warned that provisions could rise further in the coming quarters.
JPMorgan stock fell 3.2% while Wells Fargo stock lost 4.9%.
Among the winners was Amazon.com (NASDAQ:AMZN), whose stock rose 3.9%, setting a new all-time high on hopes that it had removed a bottleneck that had stopped it maximizing sales in the early days of the U.S. lockdowns. The company said it will relax restrictions on shipping non-essential goods on Monday.
