Wall Street opens higher on recovery optimism

Wall St. feathers on financials economy hope

Wall St. feathers on financials economy hope

The Dow Jones Industrial Average soared 553.16 points to 25,548.27, while the S&P 500 gained 44.36 points to 3,036.13 and the Nasdaq Composite Index advanced 72.14 points to 9,412.36. The Dow futures contract rose 330 points, or 1.3%. Department store chains, which took some of the market's worst losses earlier this year when worries about the recession were peaking, surged amid optimism that life can inch back toward normal. It's now down only about 10% from its high in February, recovering from a almost 34% drop in March.

Among the 11 major S&P 500 sectors, the Financials Index is up 3.1% in the early trade as the top-performer.

Massive amounts of stimulus for the economy from the Federal Reserve and Capitol Hill helped start the rally in late March.

Continued easing of lockdowns, optimism about an eventual COVID-19 vaccine and massive US stimulus have been driving the market's recent gains.

"For the first time in this crisis, we are being bombarded by good news", said Jim Paulsen, chief investment strategist at the Leuthold Group.

S&P 500 futures rose, alongside some global stock indexes, as investors weighed the impact of rising U.S.

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There are some inconsistencies in his account of events and the reasons behind it. "The Prime Minister has said he believes Mr. Ahead of the PM's announcement, a Downing Street spokesperson said he had consulted with the leaders of the devolved nations.

JPMorgan Chase rose 3.8%, Bank of America gained 3.8% and Citigroup jumped 5.3%. The market is coming off two days of gains that recouped some of the steep losses registered on Friday, after China unveiled plans to impose a national-security law on the city. "We still can't see a V-shaped recovery, but at least this is looking like the shortest recession in history which will be measured in months not years".

In Europe, Germany's DAX returned 1.7% and France's CAC 40 rose 1.7% after the announcement of the region's recovery fund. The president of the European Commission called it "an ambitious answer", though it still needs to be endorsed by every country in the European Union. The Hang Seng in Hong Kong slipped 0.4%, and stocks in Shanghai lost 0.3%.

Amid the recent gains, USA tensions with China have cast a cloud on markets.

U.S. Treasury yields mostly edged lower, with the benchmark 10-year yield settling 2 bps lower to 0.68%.

USA crude oil prices fell 0.8% to $34.09 a barrel, after rising for seven of the past eight sessions.

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