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May 27, 2020

Dow soar as recovery hopes overshadow virus worries

By ALEX VEIGA
AP Business Writer

Stocks closed higher on Wall Street Tuesday, driving the S&P 500 and Dow Jones Industrial Average to their highest levels in nearly three months as optimism over the reopening of the economy overshadowed lingering worries about the coronavirus pandemic.

The S&P 500 rose 1.2%, for a time climbing above the 3,000-point mark for the first time since March 5, until a burst of selling in the final minutes of trading trimmed the market’s gains. The Dow spent much of the day above the 25,000-point threshold for the first time since March 10, but the late pullback knocked it slightly lower. The indexes haven’t been at these levels since before widespread business shutdowns aimed at slowing the spread of the outbreak sent the U.S. economy into a sharp skid.


 
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