Shortly after the opening bell, the Dow-Jones index was 1.4 percent higher at 24,548 points. The broad S&P 500 also rose 1.4 percent, to 2,964 points, and technology exchange Nasdaq gained 1.5 percent to 9,325 points.
Target has increased sales through hoarding customers. Online sales, in particular, rose sharply amid lockdown measures in many parts of the United States. Profitability was hit hard at the same time. The company had higher costs due to the corona virus. The stock fell slightly in the first few minutes of trading. Lowe’s (plus 2.5 percent) was more popular with investors, helped by better than expected sales. Americans have started doing more chores around the house because of the corona crisis, they have to stay at home.
Johnson & Johnson (J&J) also scored 0.3 percent higher. The medical company has stopped selling baby powder made from talc in North America on charges of carcinogenicity as it could contain asbestos. The talcum powder earned J&J convictions for billions of dollars in damages. The company is said to have concealed the risk of cancer from the use of talcum powder.
The financial markets also responded to President Donald Trump. He has instructed public authorities to delete “redundant rules”. He signed a decree to that effect in order to promote the recovery of the economy. Trump said that hundreds of rules have been temporarily enforced recently. He wants those steps to be made permanent whenever possible.