Stocks are set to end the week higher.
The Dow Jones Industrial Average was up 1.2%, over 300 points, at Friday’s open, while the S&P 500 rose 1.1% and the tech-heavy Nasdaq Composite gained 1%.from Bloomberg said that China will increase its purchases of U.S. farm goods in order to comply with the phase one trade deal. That helped ease concerns on Wall Street about U.S.-China tensions, which have flared up in recent weeks over the coronavirus.
The market moved higher despite fears of a resurgence in coronavirus infections across the country: Many states reopening—such as Arizona, Texas, Florida and California—have recently seen record numbers of new cases. Shares of companies that would benefit from the economy reopening—including airlines, retailers and cruise operators—jumped again on Friday.
Stocks initially fell on Thursday but pared back losses—with the S&P 500 turning positive—on the back of disappointing jobless claims data: Another 1.5 million Americans“The market thinks the glass is half full rather than half empty,” says Nicholas Sargen, economic consultant at Fort Washington Investment Advisors. Wall Street continues to be in an “optimistic frame of mind,” believing that the worst of the coronavirus pandemic has passed.
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