Stocks open broadly higher on Wall Street as investors regain their confidence following a sudden drop a day earlier. Big-name investor favorites like Facebook, Apple and Amazon helped pull the market higher.
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2020. Asian shares were mixed Wednesday as market players waffled between hopes for recovery as economies gradually reopen and worries over the havoc wreaked by the pandemic.
“Doubts cast over the Moderna vaccine trial results knock out one leg from under the market rally,” Jasper Lawler of London Capital Group said in a commentary. “Investors are trying to bake in a scenario where economies reopen and a vaccine is available in time to prevent a second wave. But there are still many unknowns.”
Yoshimasa Maruyama, chief economist at SMBC Nikko Securities, said the lifting of the emergency could come as soon as later this month. But the hardest hit sectors, such as tourism and restaurants, are unlikely to recover for some time, he said.
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