NEW YORK, June 17 — Wall Street stocks opened higher today, extending a recent upward push amid aggressive stimulus measures that have largely offset worries about new coronavirus cases.
Briefing.com analyst Patrick O’Hare said an unprecedented series of initiatives by the Federal Reserve and other central banks has underpinned investor confidence, offsetting concerns about a new Covid-19 outbreak in Beijing that has sparked fresh restrictions in the Chinese capital.
“Monetary policy is running fast and loose and the stock market is riding that understanding for all its worth,” O’Hare said.
About 10 minutes into trading, the Dow Jones Industrial Average stood at 26,295.92, up less than 0.1 per cent.
The broad-based S&P 500 edged up 0.1 per cent to 3,127.91, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 9,942.37.
Wednesday’s calendar includes a second day of congressional testimony from Fed Chair Jerome Powell, who on Tuesday pledged to continue to use the Fed’s programs to support the economy following the hit from coronavirus shutdowns.
New home construction in May rose 4.3 per cent compared to April, the Commerce Department said, as activity began to resume despite the coronavirus pandemic.
