Stocks jump at the open on stimulus hopes

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U.S. stocks opened sharply higher Monday on hopes for an additional coronavirus stimulus package and after strong Chinese economic data overnight. The Dow Jones Industrial Average gained 1.4%, 367 points, to open near 27,540, while the S&P 500 was up 1.4%, 47 points, near 3,345. The Nasdaq Composite started trading near 11,087, up 173 points or 1.6%. While Washington seems as divided as ever on the outlines of an aid package, investors may be taking heart in weekend discussions between the White house and congressional Democrats. Meanwhile, even as coronavirus cases continue to grow in Europe and the U.S., the Chinese national statistics office said industrial profits surged in August, signaling the world’s second-largest economy was moving past the effects of the downturn. Shares of Amazon.com Inc. were higher in the morning, after the retailer announced it would hold its popular “Prime Day” over two days in October.
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