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Wall Street’s main indexes opened higher on Tuesday after China relaxed some COVID-19 quarantine requirements for international travelers, raising hopes of a revival in global growth.
Equities advanced, with trading once again likely to be choppy as money managers rebalance their portfolios at the end of the quarter.
The blue-chip Dow Jones Industrial Average gained 409 points or 1.3%. The broader benchmark, the S&P 500, rose 1.2% and the Nasdaq Composite advanced 0.9%.
Morgan Stanley led gains in financial shares after raising its payout and saying it will repurchase as much as $20 billion of stock. Airlines, cruise operators and casinos rallied as Beijing’s move fueled optimism.
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