Dow opens 1,200 pts higher on hopes of COVID-19 deal

Friday, 13. March 2020 14:30

The Dow Jones Industrial Average index was more than 1,200 points higher at the open on Friday amid market recovery from yesterday's fall. United States Treasury Secretary Steve Mnuchin stated that the negotiations between President Donald Trump's administration and the House of Representatives regarding novel coronavirus (COVID-19) aid bill are "going well." He praised the "bipartisan effort" with the Democrat-controlled House to help small and medium-sized businesses.

Meanwhile, US Labor Department said import prices slipped 0.5% last month after an upwardly revised 0.1% gain in January. Investors are also waiting for the University of Michigan to release the Michigan consumer sentiment index later today.

The Dow Jones jumped 5.32% at the opening bell. Intel Corp was among the best performers, adding 9.16%. The Nasdaq 100 added 5.55% as the session started pushed higher by Adobe that grew 9.95%. The S&P 500 also surged, adding 5.45%. Seagate Technology Plc rose by 4.09%.

The euro declined 0.67% against the dollar, buying 1.11117 at 9:37 am ET.

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Breaking the News / TF