April 14 (UPI) -- U.S. markets rallied Tuesday amid growing optimism about reopening businesses after lockdowns to prevent the spread of COVID-19.
The Dow Jones Industrial Average closed up 558.99 points, or 2.39 percent, while the S&P 500 climbed 3.06 percent and the Nasdaq Composite rose 3.95 percent.
Johnson & Johnson led the Dow's rise, gaining 4.3 percent as it reported revenue of $2.30 per share during the year, exceeding analysts' expectations of $2 in the first quarter of 2020. The company also lowered its earnings forecast from $8.95-$9.10 per share to $7.50-$7.90 per share for 2020 due to the coronavirus pandemic.
JPMorgan Chase stocks fell 2.74 percent after reporting a profit decline in the first quarter and Wells Fargo's first-quarter profits failed to meet expectations leading to a 4.04 percent drop.
Tech stocks climbed 3 percent to lead the S&P higher and Amazon stock hit a record high, rising 5.28 percent, to lead the Nasdaq higher for a second day.
Tuesday's gains came after the Dow fell 1.39 percent and the S&P 500 slid 1.01 percent on Monday while the Nasdaq saw a gain of 0.48 percent.
On Monday, governors in Northeastern and Pacific states announced they would coordinate plans to roll out a gradual reopening of the economy, while President Donald Trump asserted that he has the authority to reopen the states and will present a decision "shortly."