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Investing.com — U.S. stock markets opened the week higher, rebounding from a week of losses amid brighter news from the pandemic front.
The number of new Covid-19 infections fell consistently last week to be more than 10% off its peak. that has encouraged hopes that the ‘delta wave’ of the pandemic may soon be over in the U.S., even though deaths – a agging indicator – are still near record levels in some parts of the country.
The Dow Jones Industrial Average was up 291 points, or 0.8%, at 34,899 points. That was outperforming the S&P 500, which was up 0.5%, and the Nasdaq Composite, which was up 0.1%.
Early trading was dominated by frenzied buying of uranium-themed stocks and other products, the latest Big Idea to catch the imagination of retail traders. By 9:50 AM ET (1350 GMT), Cameco (NYSE:CCJ) – the largest North American producer – was up 6.2%, while Uranium Energy (NYSE:UEC) was up 8.1%. Uranium futures have risen over 33% since the middle of August, as a narrative of an undersupplied global market has combined with short-term price spikes in spot power markets in Europe and North America due to low generation from renewables.
