NEW YORK, April 14 — Wall Street stocks opened solidly higher today, bouncing back from a lacklustre session as major banks kicked off earnings season in the wake of economic hit from coronavirus shutdowns.
About 25 minutes into trading, the Dow Jones Industrial Average had gained 2.5 per cent to 23,968.76.
The broad-based S&P 500 also rose 2.5 per cent to 2,829.53, while the tech-rich Nasdaq Composite Index jumped 2.9 per cent to 8,433.39.
Both JPMorgan Chase and Wells Fargo reported huge declines in first-quarter earnings after setting aside large provisions in case of bad loans.
JPMorgan Chief Executive Jamie Dimon said the reserves were needed “given the likelihood of a fairly severe recession.”
Shares of both banks gained early Tuesday, part of a broad-based rally that lifted all 11 sectors of the S&P 500.
Analysts said the gains reflected optimism after officials in New York and some other hotspots described the coronavirus outbreak as stabilising.
Officials are beginning to discuss the process to reopen the economy, although the timetable remains highly uncertain. — AFP