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US stocks climb as economic reopening hope offsets dismal jobs report

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  • US stocks rose Wednesday amid continued efforts by the US government to reopen the economy.
  • Investors looked past a dismal report from ADP showing US companies lost 20.2 million jobs in April. The government April jobs report is due Friday. 
  • General Motors exceeded profit forecasts in its quarterly earnings report. Lyft and Paypal are scheduled to report earnings after the market closes Wednesday. 
  • Read more on Business Insider. 

US stocks rose Wednesday amid investor optimism spurred by continued efforts by the US government to reopen the econony. President Donald Trump reiterated his hope for a reopening on Tuesday evening while acknowledging that likely means the coronavirus death toll will worsen.
Hopes of renewed economic activity offset a dismal ADP employment report. US companies lost 20.2 million jobs in April, slightly better than the median economist estimate of a 20.6 million decline in private payrolls, according to a Wednesday report from. The government April jobs report is due Friday.
Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:  
  • S&P 500: 2,886.90, up 0.6%
  • Dow Jones industrial average: 24,001.19, up 0.5% (118 points)
  • Nasdaq composite: 8,902.49, up 1.1%
Read more: A fund manager trouncing 90% of his rivals shared with us 5 trades he's making to stay ahead — including a big bet on Disney after it was crushed in the pandemic sell-off
Investors also continued to look at first-quarter earnings to see how companies have fared during the earliest weeks of the coronavirus pandemic. General Motors exceeded profit forecasts in its quarterly report, sending shares up roughly 7%.
CVS Health gained more than 3% after its earnings release Wednesday, where it also maintained its full year EPS guidance. Lyft and Paypal are scheduled to report earnings after the bell Wednesday evening.
Read more: These 22 well-known companies could get acquired as coronavirus batters their businesses, BTIG says
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Source
https://markets.businessinsider.com/news/stocks/stock-market-news-today-indexes-react-economic-reopening-jobs-report-2020-5-1029171055

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