Stocks inch up as US hits new daily COVID-19 record

Stocks inch up as US hits new daily COVID-19 record
© Getty Images

Stock markets opened slightly higher Wednesday morning, holding steady as the U.S. set a new daily record in COVID-19 cases.

The Dow Jones Industrial Average opened up 100 points, or 0.4 percent, and the S&P 500 was 15 points higher, or 0.5 percent.

Johns Hopkins University data showed that Tuesday saw the largest one-day rise in coronavirus cases in the U.S. Approximately 60,000 new cases were reported, an 11-percent increase over the previous record of 54,000 last week.

ADVERTISEMENT

Cases are on the rise in most states, but major outbreaks are happening in just a few, including Florida, Oklahoma, Arizona, Texas and California.

Stocks have been volatile as COVID-19 has roared back in the United States in recent weeks, but have not lost significant ground as traders continue to bet on a strong recovery.

Emergency measures from the Federal Reserve Bank, including near-zero interest rates and a slew of emergency lending facilities, have also propped up stocks.