Dow jumps 800 points as retail sales rebound

Markets on Tuesday opened to huge gains following a retail report showing a surging recovery in retail sales.

The Dow Jones Industrial Average opened up 800 points, or 3.1 percent, and the S&P 500 jumped 83 points, or 2.7 percent.

May’s retail sales spiked 17.7 percent, the largest monthly increase on record, as states around the country began reopening their economies from coronavirus lockdowns. Major retailers including Macy’s have opened hundreds of stores even as many locations remain closed due to local lockdowns. 

The spike followed two record-setting plunges in March in April, which saw 8.7 percent and 14.7 drops, respectively.

Reports that a commonly available drug called dexamethasone could help treat some of the most critically ill COVID-19 patients also boosted the markets.