Stocks Opened Higher as Investors Focused on Re-openings

U.S. stocks opened higher on Wednesday, as investors focused on signs of a rebounding global economy and after private sector jobs report showed that U.S. employers cut 2.76 million private payrolls in May. The Dow Jones Industrial Average lately rose 219.76 points, or 0.85%, to 25,962.41. The S&P 500 gained 23.37 points, or 0.76%, to 3,104.19. The Nasdaq Composite advanced 46.87 points, or 0.49%, to 9,655.24.

U.S. employers cut 2.76 million private payrolls in May, according to a report Wednesday from ADP, as the coronavirus pandemic weighed on domestic economic activity and the labor market for another month.

Stanley Black & Decker Inc. (SWK), the tools maker, raised its second-quarter organic revenue guidance, citing strength in the U.S. retail channel. The company now expects organic revenue to decline 15% to 20%, compared with expectations provided in mid-May of a 20% to 30% decline.