US stocks open higher with COVID-19 aid in focus
Xinhua
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NEW YORK, Aug. 10 (Xinhua) -- Wall Street's major averages opened higher on Monday after U.S. President Donald Trump signed several executive orders to extend certain COVID-19 economic relief measures.

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File photo: Agencies

Shortly after the opening bell, the Dow Jones Industrial Average rose 117.40 points, or 0.43 percent, to 27,550.88. The S&P 500 was up 7.13 points, or 0.22 percent, to 3,358.71. The Nasdaq Composite Index climbed 25.58 points, or 0.23 percent, to 11,036.56.

Of the 11 primary S&P 500 sectors, industrials and energy gained 0.9 percent and 0.8 percent, respectively, in morning trading, outperforming others. Real estate and health care struggled.

Trump on Saturday signed a series of executive orders to extend certain COVID-19 economic relief after negotiations between Republican and Democratic lawmakers fell apart.

One of the president's four orders will extend extra unemployment benefits through the end of the year at a reduced level of 400 U.S. dollars per week, instead of the 600 dollars approved by Congress in late March, which expired at the end of July.

The move has sparked criticism from Democrats, who might challenge the legality of the president's executive action.

Confirmed COVID-19 cases in the United States hit over 5 million with nearly 163,000 fatalities as of 0000 GMT on Monday, according to a tally by Johns Hopkins University.

U.S. equities advanced for the week ending Friday that saw the Dow rally 3.8 percent, while the S&P 500 and the Nasdaq both gained 2.5 percent.