Wall Street opens higher on hopes of economic recovery

Posted on May 20, 2020

The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 13, 2020. (REUTERS/Andrew Kelly)

BY AMBAR WARRICK

U.S. stocks jumped more than 1% at the open on Wednesday on upbeat quarterly earnings reports from retailers and hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.

The Dow Jones Industrial Average rose 249.08 points, or 1.03%, at the open to 24,455.94. The S&P 500 opened higher by 30.69 points, or 1.05%, at 2,953.63, while the Nasdaq Composite gained 120.52 points, or 1.31%, to 9,305.62 at the opening bell.