U.S. equity markets soared for a second straight day Tuesday as COVID-19 continued to show signs of moderating in some of the so-called hot spots, putting the S&P 500 on track to exit its bear market.

The Dow Jones Industrial Average gained 382 points, or 1.7 percent, in the opening minutes of trading while the S&P 500 and Nasdaq Composite were higher by 1.1 percent and 0.43 percent, respectively.

While all three major averages pared initial gains, the increases are still lifting the S&P 500 out of the bear market that began on March 12. The index needs to close above 2684.88 to officially exit.

The COVID-19 pandemic showed further signs of slowing with the number of new cases and deaths in New York and New Jersey declining for a second day.

The major averages all gained at least 7 percent on Monday amid signs the virus may be slowing and word of a stimulus plan that could reach $1.5 trillion.

Looking at stocks, oil major Exxon Mobil slashed 2020 capital expenditures by 30 percent, following peers Chevron and Shell in reducing spending. Read more at FOX Business