US stocks open higher despite stimulus impasse

NEW YORK: Wall Street stocks opened higher Wednesday, with investors shrugging off a continued stalemate in Congress over a new stimulus package.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at 27,910.71.

The broad-based S&P 500 gained 1.0 percent to 3,366.28, while the tech-rich Nasdaq Composite Index jumped 1.3 percent to 10,922.25.

Treasury Secretary Steven Mnuchin reported no progress on stimulus talks with congressional Democrats, saying on Fox Business that Democratic leaders were "not willing to compromise."

He defended President Donald Trump's executive orders as providing "very important" relief to some Americans.

Despite the stalemate, many Wall Street analysts believe the two sides will eventually strike a deal.

Stocks finished lower Tuesday after Republican Senate Majority Leader Mitch McConnell said the talks remained stuck.

The negotiations come as the United States battles a persistent and significant coronavirus outbreak, although new cases have fallen somewhat from their peak levels.

The US average of new COVID-19 cases is currently around 50,000 a day based on a five-day moving average, down from around 70,000 a day in mid-July, according to data from Johns Hopkins University.