Singapore markets closed

US stocks open higher amid virus volatility

Wall Street stocks rose early Wednesday as markets weighed the latest figures on the coronavirus against the prospects for additional measures to prop up the economy.

About 12 minutes into trading, the Dow Jones Industrial Average stood at 22,939.55, up 1.3 percent.

The broad-based S&P 500 gained 1.1 percent to 2,688.83, while the tech-rich Nasdaq Composite Index advanced 1.2 percent to 7,977.72.

Analysts greeted the positive open on Wednesday, but noted that a rally petered out the day before when the Dow finished negative after earlier in the session gaining nearly 1,000 points.

Investors have embraced some data showing that the growth in coronavirus cases may be leveling off in hotspots such as New York City.

At the same time, the number of cases globally continues to swell, with fatalities topping 82,000 as of 1100 GMT.

The economic hit from the shutdowns continues to mount, with the World Trade Organization warning that global trade will plunge by up to a third due to the pandemic and saying the outbreak could cause the deepest recession "of our lifetimes."

Lawmakers in Washington are pushing ahead with additional stimulus measures, while the Federal Reserve is due later Wednesday to release minutes of an emergency meeting last month that led to its decision to cut interest rates.