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The S&P 500 and the Dow Jones indexes hit three-month highs on Tuesday as optimism about the reopening of the economy after weeks of coronavirus lockdowns countered concern over more disruptions from the street protests spread across the country.

Southwest Airlines Co on Monday extended buyout packages and temporary paid leaves to employees in what its chief executive said was an effort to "ensure survival" as the carrier braces for a slow recovery from the coronavirus pandemic, according to documents detailing the packages that were seen by Reuters.

Several automakers on Tuesday reported stronger-than-expected May sales in the United States, and the Detroit automakers said they will work through their annual summer shutdowns to rebuild inventories as demand recovers from coronavirus shutdowns.

France has not attached any major conditions to a 5 billion euro ($5.6 billion) state-backed loan for Renault, the carmaker's chairman said on Tuesday, although the finance minister called on the company to hold "exemplary" talks with unions.

U.S. issuance of convertible bonds in May hit a record high of $20.7 billion, according to Bank of America data, as companies struggling with the impact of the coronavirus pandemic ventured into the one-time niche market seeking cheaper and easier ways to borrow cash.

Britain wants binding commitments from the European Union on financial market access to avoid the country's finance industry suddenly being cut off from the bloc, a request Brussels has rejected, EU officials and diplomats said.

The U.S. Commerce Department said on Tuesday it was opening an investigation into whether imports of vanadium, a metal used in aerospace, defense and energy applications, impair U.S. national security.

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to restart after coronavirus lockdowns.

World stock markets hit their highest levels since March and oil prices jumped on Tuesday as signs of a global economic recovery from the coronavirus pandemic offset concerns over the worst civil unrest in the United States in decades.

H&M, the world's second-biggest fashion retailer, said on Tuesday it had temporarily closed 95 of its stores in the United States because of the violent protests following the death of George Floyd in police custody.

General Motors Co and Ford Motor Co condemned racial inequality in the United States following the death of George Floyd, an unarmed black man, at the hands of police in Minneapolis last week.

New global guidelines featuring physical distancing to restart aviation safely during the coronavirus pandemic could add up to two hours of pre-departure time for passengers at some airports during peak hours, the head of an international airports' group said on Tuesday.

Pfizer Inc said on Tuesday it will invest up to $500 million into publicly traded drug developers to fund their treatment candidates and provide access to the U.S. drugmaker's scientific expertise.

Oil prices rose on Tuesday to near three-month highs on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week.

Bank of America Corp on Tuesday pledged $1 billion to help communities across the country address economic and racial inequality, the first big bank to vow monetary support following violent protests after the death of an unarmed black man at the hands of police in Minneapolis.

EU regulators are seeking feedback about a possible new power to investigate businesses and demand changes even when no competition rules have been broken, in a move aimed at stopping companies from abusing their dominance.

What started as a bear market bounce in U.S. equities has transformed into one of the most dramatic rallies in memory, leaving investors looking to past rebounds, options markets and technical analysis for clues on how far it could run.

U.S. stocks opened higher on Tuesday as optimism around reopening businesses overshadowed fears of more disruptions from protests in the country over the death of a black man while in police custody.

Volkswagen Chief Executive (CEO) Herbert Diess will promote Porsche CEO Oliver Blume to become head of the VW brand as part of a broader management reshuffle, Auto Motor und Sport said on Tuesday citing company sources.

Bank of America Corp on Tuesday pledged $1 billion to help communities across the country address economic and racial inequality, the first big bank to vow monetary support following violent protests after the death of an unarmed black man at the hands of police in Minneapolis.