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Wall Street closes up on signs of economic rebound

A late-session rally pushed Wall Street to solid gains on Tuesday as market participants looked past widespread social unrest and pandemic worries to focus instead on easing lockdown restrictions and signs of economic recovery.

Tech shares, along with cyclical stocks like industrials and financials, gave the biggest lift to all three major stock indexes.

The Nasdaq, the S&P 500 and the Dow have been approaching their all-time closing highs in recent weeks and are now about 2%, 9% and 13%, respectively, below record closing levels.

The S&P 500 and the Nasdaq have closed in positive territory in six of the last seven sessions.

“Technicals are pushing the market higher and the market’s not paying attention to the potential problems that the protests could have on local economies,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Nationwide, violent protests over the death of a black man at the hands of law enforcement officers continued unabated, even as President Donald Trump vowed to unleash the military on the demonstrators.

“If the violence continues it might worsen the coronavirus’ impact on businesses,” Cardillo added.

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