US opens higher after positive earnings reports

Wednesday, 05. August 2020 15:30

Major stock market indexes in the United States traded higher at the start of the session on Wednesday after pharmaceutical companies in the US revealed fiscal reports that beat traders' expectations earlier in the day.

Moderna, Regeneron Pharmaceuticals, and CVS Health all reported significant growth compared to the same period last year. Moreover, United States Treasury Secretary Steven Mnuchin suggested that the Trump administration and Congress might reach an agreement on the COVID-19 relief package by the week's end.

The Dow Jones Industrial Average jumped 0.61% or 164 points at the open as The Walt Disney Co soared 6.01% at 9:32 am ET. The Nasdaq 100 gained 0.12% at the opening bell, with Monster Beverage as the top performer. Minutes into the trading session, the Nasdaq 100 turned to losses. The S&P 500 rose by 0.43% at the session's start, with Devon Energy surging 6.94% at 9:33 am ET. The euro advanced 0.73% versus the dollar, selling for $1.18899 at 9:37 am ET.

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Breaking the News / BU