The broad-based S&P 500 gained 0.7 per cent to 3,166.67, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 10,446.59. — Reuters pic
NEW YORK, July 8 — Wall Street stocks opened higher today, shrugging off losses in the prior session as investors assess the economic hit from rising coronavirus cases in the US.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.6 per cent at 26,045.53.
The broad-based S&P 500 gained 0.7 per cent to 3,166.67, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 10,446.59.
Several large states, including Texas, Florida and California have rolled back steps to reopen their economies following spikes in coronavirus cases.
White House economic advisor Larry Kudlow again ruled out more broad economic shutdowns and said economic trends were solid in much of the country.
“It’s a big country, most of it is doing rather well,” Kudlow said on CNBC. “Some of it is in trouble here, I get that.”
Among individual companies, United Airlines fell 1.1 per cent as it said it would cut back some August flights because the latest rise in US coronavirus cases was hitting demand. The carrier also signaled plans to formally notify regulators of staff layoffs later this year, according to a securities filing.
Levi Strauss & Co dropped 7.0 per cent as it reported a second-quarter loss of US$363.5 million (RM1.55 billion) in the wake of coronavirus closures. The jeans company plans to cut 700 jobs. — AFP