US open: Stocks open higher as China agrees to up imports of US goods
Updated : 15:32
Wall Street stocks opened higher on Friday, putting the Dow Jones on track for a winning week despite registering two consecutive losing sessions.
As of 1530 BST, the Dow Jones Industrial Average was up 0.79% at 26,286.73, while the S&P 500 was 0.84% firmer at 3,141.55 and the Nasdaq Composite came out the gate 1.00% stronger at 10,042.50.
The Dow opened 206.63 points higher on Friday following a mixed performance from major indices in the previous session as market participants digested the latest developments in the Covid-19 pandemic and this week's jobless data.
Stocks recorded solid gains at the bell on Friday following a report from Bloomberg that stated China had agreed to up purchases of American-made farm products in order to comply with the two economic superpower's "phase one" trade deal following talks in Hawaii earlier in the week.
The report said the world's top soybean importer intended to step up purchases of soybeans, corn and ethanol after purchases dropped off as a result of Covid-19-related disruptions
Despite Texas, California, Arizona and Florida all reporting their biggest one-day increases in Covid-19 case numbers, shares in companies tied to the reopening of the US economy like United Airlines and Kohl's were both higher at the open.
Markets.com's Neil Wilson said: "Worries about the spread of the disease persist, though second wave fears are not exerting too much pressure as investors start to get used to rising case numbers – remember it's not cases that count, it's the lockdown and people's fear of going out that hurts the economy and corporate earnings."
No major data points were scheduled for release on Friday, but Fed Chairman Jerome Powell will deliver a speech later in the day, as will regional Fed Presidents Eric Rosengren, Randal Quarles and Loretta Mester.
Treasury yields were lower ahead of the speeches, with the yield on the benchmark 10-year Treasury note at 1.4917% and the yield on the 30-year Treasury bond also moving higher to 0.7200%.