Dow Jumps 200 Points on Strong Earnings, Led by Big Tech
Investing.com
Published Aug 03, 2020 09:28AM ET
Updated Aug 03, 2020 10:04AM ET
By Christiana Sciaudone
Investing.com -- U.S. stock markets began August where they left off in July, opening higher on the first trading day of the month.
Tech shares led the advance as Microsoft (NASDAQ:MSFT) continued its pursuit of TikTok, this time with presidential approval. Marathon Petroleum (NYSE:MPC) rose 2% after saying it will sell its gas stations for $21 billion.
The positive sentiment in equity markets continued despite the ongoing pandemic and a lack of certainty on the prospects for a fiscal coronavirus relief deal. Investors also seem to be setting aside increased tensions with Beijing, most recently over a possible ban of TikTok and other Chinese software companies.
By 10:04 AM ET (1404 GMT), the Dow Jones Industrial Average was up 218 points or 0.83%. The S&P 500 was up 0.8% and the Nasdaq Composite was up 1.35%.
Eli Lilly (NYSE:LLY) rose more than 2% after saying it will begin testing its Covid-19 drug in nursing homes
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