U.S. stock markets opened higher amid news of looming progress in the development of the COVID-19 vaccine, not looking at the fact that as early as Friday the U.S. stock market suffered significant losses amid a number of pessimistic statistics and a new conflict between America and China.

 

The growth of quotations was also provoked by optimism about the restart of the world's largest economies and the statement of Jerome Powell that the current quarter will be extremely unsuccessful for the labor market and the economy as a whole. The expected unemployment rate in the United States is 25%, and GDP could fall by 20-30% due to the suspension of economic activity caused by the spread of coronavirus. Powell said- "I think there's a good chance that there will be growth in the third quarter. There should be a shorter recession."

 

FXTM chief market strategist Hussain Syed says that "the good news is that economies around the world are starting to reopen, indicating that economic activity will begin to partially recover from the full lockdown seen in April."

 

At the moment, the Dow Jones Industrial Average rose by 693.91 points (2.93%) to 24,379.33 points by 17:23 Moscow time, and the Standard and Poor's 500 rose by 73.64 points (2.57%) to 24,379.33 points. and the Nasdaq Composite rose 176.73 points, or 1.96, to 9,191.29.

 

In the U.S., there are those companies that have become more expensive from the restart of economies. The cost of securities from Walt Disney Co (NYSE:DIS). up 7.2%, MGM Resorts International by 5.8% and Carnival Corp (LON:CCL). 10.6%. Delta Air Lines (NYSE:DAL) and United Airlines added 8.2 percent and 11.4 percent, respectively.

 

The value of Wells Fargo securities (NYSE:WFC) and Co. jumped more than 6%, shares of Bank of America (NYSE:BAC) and Citigroup (NYSE:C) are adding about 5%, JPMorgan Chase securities are growing by 3.9%.

 

Tesla Inc.'s shares rose 2.9 percent. As authorities in Alameda County, California, approve a plan by the U.S. electric car maker to reopen the Fremont plant

 

Market Value of American Express Co (NYSE:AXP). (AmEx) rose 5.1 percent, but the volume of loans on AmEx cards, one of the leaders of the U.S. plastic card market, in the U.S. fell 8.8 percent in April compared to March, the company said in a statement posted on the U.S. Securities and Exchange Commission(SEC) website.