From Market Insider
- US stocks rose on Wednesday as investors looked to positive signs of economic reopenings from coronavirus 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.
US stocks rose on Wednesday as investors looked to positive signs of economic reopenings from coronavirus shutdowns.
Here’s where US indexes stood at 11:00 a.m. ET on Wednesday:
- S&P 500: 2,972.47, up 1.7%
- Dow Jones industrial average: 24,582.31, up 1.55% (375 points)
- Nasdaq composite: 9,357.10, up 1.87%
Investors watched a round of retail earnings before the bell on Wednesday that indicated that people had taken to home improvement and shifted to shopping online during sweeping lockdowns.
Tech stocks also gained, leading the market higher. Facebook gained more than 5%, reaching an all-time high during intraday trading. Shortly after market open, Amazon also briefly hit an all-time intraday high, rising as much as 1.5%.
Oil rose as traders saw signs of demand stabilizing following a hit from the coronavirus pandemic. West Texas Intermediate crude gained roughly 1%, to $32.78 per barrel. Brent crude, the international benchmark, gained 3.1%, to $35.73 per barrel, at intraday highs.
A US Energy Information Administration report showing the weekly change in stock is due later Wednesday, and the Federal Reserve is scheduled to release minutes from its April 28 and 29 meeting at 2 p.m. ET.