Futures contracts tied to the major U.S. stock indexes inched higher at the start of the overnight session Wednesday evening as investors looked to extend Wall Street's robust gains so far this week.
sharp rallies in the major stock indexesThe Nasdaq Composite and S&P 500 both extended week-to-date gains during Wednesday's regular trading session and finished the day up 2% and 1.6% respectively. The broad S&P 500 closed at its highest level since March 6 Wednesday afternoon.
The Dow industrials, meanwhile, finished Wednesday's trading up 369 points, or 1.5%, as Apple, Disney and McDonald's all added at least 30 points to the blue-chip index amid a surge in reopening optimism. The S&P 500, Nasdaq Composite and Dow are up 3.7%, 4% and 3.7% since Monday. Popular consumer internet names including Facebook and Amazon both clinched new all-time highs on Wednesday as investors cheered the former's new e-commerce venture and the latter's continued success in delivering goods to Americans during the Covid-19 outbreak.
But investors say the broader strength this week is in large part thanks to state efforts to ease stay-at-home orders and begin lifting restrictions on business. Connecticut, for example, began on Wednesday to allow residents to dine in at restaurants with outdoor seating. That partial reopening came a day after New York Gov. Andrew Cuomo said that the pandemic is back down to where it started in the Empire State.
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