1 min read.Updated: 05 Oct 2020, 07:34 PM ISTReuters
Trump's possible discharge from the hospital where he is being treated for COVID-19 and hopes of a new fiscal stimulus bill also lifted market sentiment
Wall Street's main indexes opened higher on Monday as doctors said President Donald Trump could be discharged from the hospital where he is being treated for COVID-19, while hopes of a new fiscal stimulus bill also lifted sentiment.
The Dow Jones Industrial Average rose 142.61 points, or 0.52%, at the open to 27,825.42. The S&P 500 opened higher by 18.83 points, or 0.56%, at 3,367.27, while the Nasdaq Composite gained 94.09 points, or 0.85%, to 11,169.11 at the opening bell.
Sequestered at Walter Reed National Military Medical Center outside Washington since Friday, Trump has released a series of videos in an effort to reassure the public that he is recovering, although his condition remains unclear and outside experts warn that his case may be severe.
Shares of Regeneron Pharmaceuticals Inc jumped 5.9% after Trump's physician said he had been treated with an intravenous dose of Regeneron's dual antibody treatment.
"One of his treatments was an experimental drug from Regeneron (and) that's showing that this could be a major component to treatments moving forward for people," said Thomas Hayes, chairman at Great Hill Capital LLC in New York.
Wall Street's main indexes sold off sharply on Friday after Trump's announcement that he had contracted the disease added to political uncertainty just a month away from voting in the presidential election.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.