U.S. stocks open higher amid rallying energy shares

0 Comment(s)Print E-mail Xinhua, April 8, 2020
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NEW YORK, April 8 (Xinhua) -- U.S. stocks opened higher on Wednesday, bolstered by solid gains in the energy sector.

Shortly after opening, the Dow Jones Industrial Average jumped 301.96 points, or 1.13 percent, to 22,955.82. The S&P 500 was up 32.48 points, or 1.22 percent, to 2,691.89. The Nasdaq Composite Index increased 97.21 points, or 1.23 percent, to 7,984.47.

Shares in U.S. oil giants Chevron and Exxon Mobil soared 3.3 percent and 2.5 percent respectively, a few minutes after opening.

Of the 11 primary S&P 500 sectors, energy rose more than 3 percent in morning trading, outperforming the rest.

Investors were trying to shrug off coronavirus concerns.

More than 399,000 COVID-19 cases have been reported in the United States as of Wednesday morning local time, including 12,911 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.

New York Governor Andrew Cuomo on Tuesday said the state recorded its largest single-day increase in virus deaths, losing 731 lives to COVID-19 from Monday to Tuesday.

Meanwhile, the numbers of daily incubations and ICU admissions declined for a second consecutive day, with the state reaching a plateau in the total number of hospitalizations, meaning "good news," Cuomo said during his daily coronavirus briefing.

U.S. equities surrendered their earlier gains to finish lower on Tuesday, as market momentum evaporated later in the session. Enditem

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