Virus Fears in Backseat as Wall Street Climbs at Open
Despite rising coronavirus cases across the nation, U.S. traders appeared to get a second wind on Friday, with Wall Street stocks climbing in opening trading.
About 20 minutes after the open, the benchmark Dow Jones Industrial Average was up 0.9 percent at 29,332.96, regaining much of the ground lost in the prior session.
The broad-based S&P 500 rose 0.8 percent to 3,565.32 while the tech-rich Nasdaq Composite Index climbed 0.8 percent to 11,796.96.
Investors have swung between optimism and pessimism this week, first buoyed by Pfizer and BioNTech's announcement Monday of promising results on a Covid-19 vaccine which would allow economic activity to return to normal.
But that upbeat sentiment was dampened by worrying news about the spike in cases and hospitalizations that are nearing levels seen in the worst days of the pandemic.
"Presumably, vaccine/growth optimism is taking precedent over another record day for new coronavirus cases in the US," Briefing.com said in an analysis.
Walt Disney was up 1.7 percent after reporting its recently launched streaming television service Disney+ had hit 73 million subscribers, despite the company losing $710 million in the latest quarter.
And stocks that would benefit from a resumption of normal trade and travel patterns once a coronavirus vaccine becomes widespread also resumed their upward climb.
Cruise line Carnival Corp rose 1.9 percent, United Airlines 2.8 percent and Boeing 2.3 percent.