Market participants have looked closely at how the coronavirus pandemic has spread across the U.S., with many new states that weren't initially hotspots having moved into the limelight in recent weeks. However, investors today seemed to look on the bright side, as at least some trends have suggested that those new moves higher might finally be peaking. That sent markets upward after a brief decline near the open. Just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 130 points to 26,794. The S&P 500 (SNPINDEX: ^GSPC) had risen 8 points to 3,302, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had gained 12 points to 10,915.
The move higher on Wall Street came even though some companies announced news that wasn't entirely in line with an upbeat mood. Oil giant BP (NYSE: BP) finally did something that shareholders had feared for some time was inevitable. Meanwhile, Virgin Galactic Holdings (NYSE: SPCE) announced its latest quarterly results, sending the stock sharply lower despite some hopes for the future.
Shares of BP were up 7% Tuesday morning. That's an unusual reaction after a company gives what many would see as bad news, but investors seemed to like the acknowledgement that the oil giant faces significant challenges ahead.