Stocks fight for gains after Trump vows to quell rioting
NEW YORK - U.S. equity markets fought for gains Tuesday after President Trump threatened to deploy the military to quell violence and looting in cities across America after the death of a black man in police custody in Minneapolis.
The Dow Jones Industrial Average rose more than 219 points, or 0.86 percent, before paring gains while the S&P 500 was little changed, and the Nasdaq Composite tumbled 0.67 percent.
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Business owners across Midtown Manhattan were left cleaning up storefronts Tuesday morning after ransacking that began before the 11 p.m. ET curfew and continued throughout the night. Meanwhile, police officers were shot in Las Vegas and St. Louis.
"I have recommended every governor deploy the National Guard in sufficient numbers to dominate the streets," Trump said, adding that he will dispatch “thousands and thousands of heavily armed soldiers and military personnel" to stop the violence, if necessary.
Looking at stocks, gun-related companies surged amid the civil unrest.
Elsewhere, Southwest Airlines offered extended buyout packages and paid leave to employees as it grapples with a 30 percent drop in flight capacity. Other heavily beaten-down airlines and cruise operators also gained.
Meanwhile, Moneygram was approached by rival Western Union about a deal, according to a Bloomberg report.
On the earnings front, Dick’s Sporting Goods swung to a first-quarter loss as stay-at-home orders aimed at slowing the spread of COVID-19 shuttered stores during the final weeks of March.
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West Texas Intermediate crude oil jumped 1.83 percent to $36.09 a barrel, while gold fell 0.73 percent to $1,725.20 an ounce.
U.S. Treasurys were little changed, with the yield on the 10-year note near 0.67 percent.
Germany’s DAX paced the gain in Europe, soaring 3.75 percent, as traders returned from a holiday weekend while France’s CAC and Britain’s FTSE climbed 2.02 percent and 0.87 percent, respectively.
In Asia, Japan’s Nikkei added 1.19 percent, Hong Kong’s Hang Seng advanced 1.11 percent and China’s Shanghai Composite edged up 0.2 percent.