Stocks Opened Sharply Higher amid Stimulus Measures

U.S. stocks opened sharply higher on Wednesday after President Donald Trump announced his support for specific virus relief measures. The Dow Jones Industrial Average lately advanced 344.83 points, or 1.24%, to 28,117.59. The S&P 500 rose 40.57 points, or 1.21%, to 3,401.52. The Nasdaq Composite climbed 144.16 points, or 1.29%, to 11,298.76.

Oil futures slipped Wednesday, undercut by industry data showing a rise in U.S. crude-oil inventories. West Texas Intermediate crude for November delivery fell 92 cents, or 2.3%, to $39.75 a barrel. December Brent crude dropped 81 cents, or 1.9%, to $41.84 a barrel.

President Trump on Tuesday night said he’s willing to pass several independent coronavirus relief measures — including a new round of stimulus checks — hours after pushing for a pause in negotiations on a new aid package.

Drugmaker Eli Lilly & Co. (LLY) said Wednesday it has requested that the U.S. Food and Drug Administration authorize its experimental Covid-19 antibody therapy for emergency use.