NEW YORK, Sept 23 — The Dow got a boost early today from strong Nike results and progress on a Covid-19 vaccine from Johnson & Johnson, while the Nasdaq pulled back amid September volatility.
House lawmakers adopted a budget bill yesterday to extend funding through early December, removing the risk of an imminent government shutdown.
But Democrats and Republicans remain far apart on a stimulus package to address the coronavirus-ravaged US economy amid intensifying partisanship in Washington.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.5 per cent at 27,430.25.
The broad-based S&P 500 gained 0.2 per cent to 3,320.50, while the tech-rich Nasdaq Composite Index shed 0.1 per cent to 10,948.05.
After huge gains in August, stocks have been under pressure much of September amid worries about excessive valuations and the coronavirus.
Nike shot up 10 per cent after the company reported blowout quarterly earnings on strong digital sales and its CEO cheered the return of pro sports. The athletic apparel giant notched an 82 per cent increase in digital sales.
Johnson & Johnson advanced 1.7 per cent as it announced it was entering the final Phase 3 stage of its Covid-19 vaccine clinical trial following positive results in earlier stages.
Tesla dropped 4.8 per cent after it said it was developing a US$25,000 self-driving electric car model with upgraded battery technology, however Chief Executive Elon Musk signalled the model would not be available for about three years. — AFP
