NEW YORK, Oct. 20 (Xinhua) -- Wall Street's major averages opened higher on Tuesday as investors pinned hopes on agreement over a fresh U.S. COVID-19 relief package.
Shortly after the opening bell, the Dow Jones Industrial Average rose 116.43 points, or 0.41 percent, to 28,311.85. The S&P 500 was up 15.45 points, or 0.45 percent, to 3,442.37. The Nasdaq Composite Index increased 49.49 points, or 0.43 percent, to 11,528.37.
All the 11 primary S&P 500 sectors traded higher, with financials up 1 percent in morning trading, leading the gains.
U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin "continued to narrow their differences" on the next round of COVID-19 relief package in a call on Monday, said Drew Hammill, Pelosi's spokesman and deputy chief of staff.
The spokesman noted that Pelosi has tasked committee chairs to reconcile differences with their Republican counterparts on key areas, and the two principals will speak again on Tuesday.
The conversation follows Pelosi's remarks on Sunday that White House and congressional lawmakers must reach an agreement in 48 hours if they want to pass a new relief package before the presidential election in early November.
Stimulus negotiations have been a major focus for investors recently as they hoped a follow-up aid package would help combat the economic effects caused by the COVID-19 pandemic.
On Monday, U.S. equities closed sharply lower with the Dow down more than 400 points amid coronavirus concerns. Enditem
