- US stocks edged higher Wednesday as investors assessed economic-reopening efforts in the face of climbing coronavirus cases, which hit a single-day record of 60,000 on Tuesday.
- The surge in new cases could further threaten the US economic recovery.
- Oil prices gained slightly ahead of a key report from the Energy Department.
- Read more on Business Insider.
US stocks edged higher Wednesday as investors weighed rising coronavirus cases against efforts to reopen the economy.
On Tuesday, the US reported another record single-day spike of 60,000 new coronavirus cases, bringing the total number of confirmed cases in the country to 3 million, according to Johns Hopkins University.
States have had to pull back or postpone reopening efforts to control new surging COVID-19 numbers, threatening the speed of the economy recovery in the US. The so-called reopening trade faltered, with shares of airlines such as American and Delta falling.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:
- S&P 500: 3,162.58, up 0.6%
- Dow Jones industrial average: 26,000.02, up 0.4% (110 points)
- Nasdaq composite: 10,433.12, up 0.9%
Shares of AMC Entertainment jumped after the Wall Street Journal reported that the company is nearing a deal to avoid bankruptcy.
Nikola surged after JPMorgan upgraded shares of the company to "overweight" from "neutral." Gold topped $1,800 an ounce for the first time since 2011 as investors piled into the safety-haven asset.
Oil prices gained ahead of a key report from the Energy Department. West Texas Intermediate crude rose as much as 0.4%, to $40.78 per barrel. Brent crude, the international benchmark, gained 0.5%, to $43.30 per barrel, at intraday highs.