NEW YORK, May 20 — Wall Street stocks opened solidly higher today, extending a volatile week on hopes for a US economic rebound as retailers reported mixed results.
About 20 minutes into trading, the Dow Jones Industrial Average stood at 24,552.25, up 1.4 per cent.
The broad-based S&P 500 gained 1.6 per cent to 2,968.15, while the tech-rich Nasdaq Composite Index jumped 1.7 per cent to 9,339.65.
Stocks fell yesterday, giving back some of Monday’s rally that followed positive initial clinical results of a vaccine candidate for the coronavirus.
The market has been weighing hopes for an economic rebound as more states reopen for business against a mounting pile of terrible indicators on joblessness, business investment and consumer confidence.
Big-box retailer Target was flat early today after reporting an 11.3 per cent jump in first-quarter revenues to US$19.6 billion. However, the company suffered a 64.3 drop in profits to US$284 million due to higher costs.
The results demonstrated the juggling act essential stores are doing during the Covid-19 crisis, when they are paying bonuses to hourly workers and spending more on cleaning.
Among other retailers reporting results, Lowe’s rose 2.3 per cent, while Urban Outfitters fell 4.8 per cent. — AFP