Major Wall Street indexes jumped more than 1%, including a 353-point spike by the Dow Jones, as states prepare to ease coronavirus lockdown orders while traders prep for a busy week for earnings reports, plus more in today’s Closing Bell on Money & Markets.

The Top Story

New York Governor Andrew Cuomo said there is a case for parts of the state to start reopening for business following months of restrictions due to the novel coronavirus pandemic. Cuomo said things should start gearing up by the middle of May, just over two weeks away.

That moved investors to take more risks and push markets higher.

Additionally, Colorado, Mississippi and Tennessee are set to join other states in reopening businesses this week, despite disapproval from health experts.

The U.S. benchmark 10-year Treasury yield rose for the second straight session, lifting the rate-sensitive financial index by 3%. Technology stocks were also the top boosts to the three main indexes.

“Everyone’s excited that we will reopen, and there’s optimism around that but I would be a little concerned because what we really need is to return to normal for the markets to keep up with the optimism,” Financial Freedom Wealth Management group CEO, Julia Carlson, said.

Tesla Inc. (Nasdaq: TSLA) jumped 9.7% and was the day’s biggest boost to the Nasdaq after a report said the electric auto-maker is calling some workers back to its California plant next week.

As of the closing bell, the Dow Jones rose 1.5% for the day. The S&P 500 moved up 1.5%, and the Nasdaq Composite rose 1.1%.

Stock Market Update: Closing Bell*

S&P 500: 2,878 (+1.5%)
DOW: 24,133 (+1.5%)
NASDAQ: 8,730 (+1.1%)
GOLD: $1,728.30 (-0.4206%)
BITCOIN: $7,724.66 (-0.4%)
U.S. 10-YEAR YIELD: 0.659% (+0.063%)

*- as of 4:15 p.m.

A Big Win

In this morning’s Opening Bell, we told you to be on the lookout for Deutsche Bank AG (NYSE: DB) as the company issued a report claiming a preliminary first-quarter profits. The bank, however, said it may fall short of capital requirement targets in upcoming quarters. Shares of Deutsche Bank were up more than 11% in afternoon trading.

Initially, shares of Boeing Co. (NYSE: BA) were headed in the right direction after it called off a $4.2 billion joint venture with Embraer SA (NYSE: ERJ). Then, Embraer filed for arbitration in the deal and Boeing shares fell 0.25%. Embraer shares closed down more than 7%. See our analysis of the Boeing/Embraer saga here.

Golden Nuggets

Gold prices took a bit of a dive as spillover from a fall in oil prices (see below) and investors moving more into risk pushed the precious metal down in afternoon trading.

Gold futures were down 0.7% to trade at $1,722 an ounce. Silver futures moved down 0.3% to $15.22 an ounce.

Platinum seemed to come out of the sell-off relatively unscathed as it was up 0.3% to trade at $776 an ounce. Palladium dropped 3.7% to $1,910 an ounce.

Cannabis Corner

As investors covered shorts in the sector, cannabis stocks had a big rally.

Shares of Tilray Inc. (NYSE: TLRY) and Canopy Growth Corp. (NYSE: CGC) were up more than 10% during afternoon trading. Aurora Cannabis Inc. (NYSE: ACB) also jumped nearly 6%.

New Cannabis Ventures founder Alan Brochstein told Benzinga that the move to cover shorts is fairly broad across the market.

“I would note that small-caps in the U.S. market are breaking to recent highs, and perhaps there is, in general, a stronger appetite for risk by investors,” he said.

Oil Prices Drop to $13 on ETF Pull-Out

The biggest oil exchange-traded fund, United States Oil Fund LP (NYSEARCA: USO), said it was getting out of its front-month June futures contracts.

That prompted West Texas Intermediate crude oil prices to drop to around $13 per barrel.

Bloomberg reported that South Korea is already out of storage space for oil and several tankers sit off the coast of Singapore, waiting for willing buyers. In some cases, vessels are being used to store oil as onshore storage tanks fill up.

Today’s Big Winners:

(as of 3:15 p.m. EDT)

Kohl’s Corp. (NYSE: KSS) +16.5%

Tesla Inc. (Nasdaq: TSLA) +9.7%

Walt Disney Co. (NYSE: DIS) +4.8%

Today’s Big Losers:

(as of 3:15 p.m. EDT)

Coty Inc. (NYSE: COTY) -9.3%

Abiomed Inc. (Nasdaq: ABMD) -3.2%

Walmart Inc. (NYSE: WMT) -0.6%

Check back for the most important news and numbers each day after the Closing Bell, only on Money & Markets.