Wall Street gains on hopes of China-led recovery

Posted on July 6, 2020

New York Stock Exchange opens during COVID-19

FILE PHOTO: Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. (REUTERS/Brendan McDermid)

BY C NIVEDITA

U.S. stocks rose at the open on Monday on hopes of a China-led recovery from an economic slump brought on by the coronavirus outbreak, with investors brushing aside a domestic surge in new cases of COVID-19 over the long weekend.

The Dow Jones Industrial Average rose 168.72 points, or 0.65%, at the open to 25,996.08, while the S&P 500 opened higher by 25.28 points, or 0.81%, at 3,155.29.

The Nasdaq Composite gained 152.75 points, or 1.50%, to 10,360.38 at the opening bell, notching up another record high.