Stocks surge at opening ball, bouncing after worst one-day rout since 1987 crash
Stocks opened sharply higher Friday, but remained on track for a brutal week of losses that saw major indexes tumble into a bear market on uncertainty over the economic impact of the COVID-19 pandemic.
Indications lawmakers and the Trump administration were moving close to an aid package were credited with lifting sentiment.
The Dow Jones Industrial Average DJIA, +3.24% rose 1,238 points, or 5.8%, to 22,439, after dropping 10% in Thursday’s session.
The S&P 500 SPX, 3.712% was up 150 points, or 6%, at 2,630, while the Nasdaq Composite COMP, +3.80% advanced 436 point, or 6.1%, to 7,637.
Among individual companies, Apple (NASDAQ:AAPL) stock rebounded 6.5% after saying all its stores in China were now open again. In addition, the Financial Times reported that the company had signed a multiyear deal with the world’s three biggest music labels regarding Apple Music’s access to their artists, who include Taylor Swift, Beyonce and Ed Sheeran.
Elsewhere, U.S. crude oil prices rebounded 4.2%, but were off intraday highs after newswires reported Russian energy minister Alexander Novak as downplaying the chance of a new OPEC+ deal to restrain output in the near term.