Stocks open with gains, pushing Nasdaq above 10k

Stocks open with gains, pushing Nasdaq above 10k

Stocks opened with gains Friday, sending the Nasdaq composite above 10,000 points for the second time in its history.

The tech-heavy Nasdaq opened with a gain of roughly 1 percent Friday, rising more than 90 points to 10,034 by 10:30 a.m. The Dow Jones Industrial Average opened roughly 160 points higher, and the S&P 500 index rose 0.7 percent as Friday trading began.

After crashing in late February and early March, all three indexes have recovered substantially from the depths of the pandemic-driven crisis. The Nasdaq is currently at a record high and closed above 10,000 for the first time on June 10, falling below the threshold the next day. The Dow and S&P are just 11 and 8 percent, respectively, from the pre-pandemic heights.

Friday’s strong open put the three major stock indexes on track for another week of gains despite earlier volatility. Fears of surging coronavirus cases in Texas, California, Arizona and several other states have led to wild swings across the market that have averaged toward slight increases.

Governors in states with rising coronavirus cases have waived off the chance of another round of lockdowns, instead urging citizens to wear masks despite earlier misgivings. While there is mounting evidence that face coverings can significantly reduce the spread of COVID-19, the debate over mask-wearing has become increasingly politicized, posing risks to widespread adoption.