(CNBC) -- Stocks surged on Tuesday as optimism grew about the reopening of the economy and a potential coronavirus vaccine.
The S&P 500 rallied 1.3%, briefly breaking above 3,000 for the first time since March 5. The Dow Jones Industrial Average rose 555 points, or 2.2%. The 30-stock average also traded at levels not seen since early March, jumping above 25,000. The Nasdaq Composite advanced 0.2%.
The major averages cut their gains in the final hour of trading after a Bloomberg News report said the U.S. was considering sanctions on Chinese firms and officials over the situation in Hong Kong. That report came after White House National Security Advisor Robert O’Brien said Sunday the U.S. will likely impose sanctions on China if Beijing implements national security law that would give it greater control over autonomous Hong Kong.
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