Stocks open higher Wednesday as rise in tech sector resumes

Marco Green
July 9, 2020

The Dow Jones Industrial Average gained 0.7 per cent to 26,067.76, while the broad-based S&P 500 advanced 0.8 per cent to 3,170.04. The Nasdaq is up over 100 points or 1% on the day.

The tech-heavy NASDAQ restocked 117.81 points, or 1.1%, to 10,461.37.

Amazon is rising 0.7%, while Microsoft is up 0.7% and Netflix is up 0.5%.

Names that would benefit from the economy reopening turned around and added to the gains.

Royal Caribbean Group and Norwegian Cruise Line Holdings Ltd dropped 3.2% and 3.4% each, even as they announced a joint task force to help develop safety standards for restarting their businesses.

China stocks jumped more than 5 percent, boosted by ample liquidity, cheap funding and expectations of a faster and a better bounce-back in business activity than other major countries still battling the coronavirus crisis. The Nasdaq index hit new record highs and was gaining 0.70%.

More than 2.9 million confirmed COVID-19 cases have been reported in the United States, with over 130,000 deaths, as of Tuesday morning local time, according to the Center for Systems Science and Engineering at Johns Hopkins University.

Florida's greater Miami area became the latest USA coronavirus hot spot to roll back its reopening, while Texas registered an all-time high in the number of people hospitalized at any one moment with COVID-19 for an eighth straight day.

Prices for the 10-Year Treasury were unchanged, keeping yields at Tuesday's 0.67%.

Volume on USA exchanges was 10.40 billion shares, compared with the 12.4 billion average for the full session over the last 20 trading days.

Other reports by Click Lancashire

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