Dow climbs 350 points as investors weigh economic-reopening prospects
- US stocks rose Wednesday as investors looked to positive signs around economic reopenings from coronavirus-induced shutdowns.
- Retailers continued to release earnings, with Lowe's gaining and Target declining after premarket reports.
- Oil rose ahead of a key report due Wednesday from the US Energy Information Administration.
- Read more on Business Insider.
US stocks rose Wednesday as investors looked to positive signs around economic reopenings from coronavirus-induced shutdowns.
The gains reversed Tuesday's losses, which were driven by reports that questioned the progress of a potential COVID-19 vaccine from Moderna, snapping a three-day win streak for stocks.
Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:
- S&P 500: 2,963.69, up 1.4%
- Dow Jones industrial average: 24,544.60, up 1.4% (338 points)
- Nasdaq composite: 9,328.54, up 1.6%
Investors watched a round of retail earnings before the bell Wednesday that showed that consumers have taken to home improvement and shifted to shopping online amid sweeping lockdowns.
Lowe's climbed roughly 4% after reporting better-than-expected sales and profits, even though it withdrew its guidance for the rest of 2020. Target slid 1% amid concerns over worsening margins.
Oil rose Wednesday as traders see signs of demand stabilizing following a hit from the coronavirus pandemic. West Texas Intermediate crude gained roughly 1%, to $32.78 per barrel. International benchmark Brent crude gained 3.1%, to $35.73 per barrel, at intraday highs.
Later Wednesday, the US Energy Information Administration report that will show the weekly change in stock is due. Further, the Federal Reserve will release minutes from its April 28 and 29 meeting at 2 p.m. ET.