US stocks open with 3rd straight day of gains

US stocks open with 3rd straight day of gains

US stocks open with 3rd straight day of gains

The S&P 500 remains down about 27 percent from its February record high, a loss of more than seven trillion US dollars in stock market value.

India's Sensex gained 3% to 29,407.25 and New Zealand gained 4%.

GOP Senators Tim Scott, Ben Sasse and Lindsey Graham demanded changes, saying the legislation as written "incentivizes layoffs" and should be altered to ensure employees don't earn more money if they're laid off than if they're working. Australia and Southeast Asian markets gained. Bernie Sanders said he was prepared to "put a hold on this bill until stronger conditions are imposed on the $500 billion corporate welfare fund".

Investors are waiting to see the details of Washington's plan.

The Dow Jones industrial average climbed as much as 736.37 points, or 3.5 percent, in early trading after lawmakers reached an overnight deal for a $2 trillion spending package to blunt the economic damage from the virus.

The Dow Jones Industrial Average gained 198.86 points to 20,903.77, while the S&P 500 slipped 2.14 points to 2,445.19 and the Nasdaq Composite Index fell 18.94 points to 7,398.92.

The stimulus includes a US$500 billion fund to help hard-hit industries and a comparable amount for direct payments of up to US$3,000 apiece to millions of United States families.

The number of COVID-19 cases in the USA topped 60,000 as of Wednesday noon, according to the Center for Systems Science and Engineering at Johns Hopkins University. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death. Analysts polled by Reuters expect the report to show that crude stockpiles built for a ninth straight week, while inventories of refined products declined, with gasoline set to drop for the eighth consecutive week.

Boeing surged by 24 percent, bringing its gain over the past three sessions to nearly 70 percent, as investors bet on government support for the aerospace industry as well as airlines. Other travel-related stocks also stormed higher to recoup a fraction of their losses.

American Airlines, Carnival Corp MGM Resorts and Norwegian Cruise Line Holdings jumped between 8% and 12%.

The S&P 500's energy sector also continued to see sharp gains Thursday.

In energy markets, benchmark US crude lost 34 cents to $24.15 per barrel in electronic trading on the New York Mercantile Exchange.

The dollar index fell 0.216%, with the euro up 0.44% to $1.0834. Wall Street's fear gauge eased overnight but was on the rise again ahead of Wednesday's open.

Brent crude was down 17 cents, or 0.6%, to $26.98 a barrel. Brent crude, used to price global oils, declined 22 cents to $29.77 per barrel in London.

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