WASHINGTON (dpa-AFX) - Following the downturn seen over the course of the previous session, stocks may move back to the upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 264 points.
The upward momentum on Wall Street comes as traders continue to express optimism that some of the counties hit hardest by the coronavirus pandemic are flattening the infection curve.
Data from Johns Hopkins University shows confirmed coronavirus cases in the U.S. have reached nearly 400,000, the most in the world.
However, the latest data from the university also shows that the number of new cases has decrease in recent days after reaching a peak last Friday.
The number of new coronavirus cases has also recently shown significant downturns in Italy and Spain, which currently have the most confirmed cases in Europe.
Buying interest may be somewhat subdued, however, as some analysts warn that the rebound from last month's lows has been overdone.
The Dow has spiked by more than 20 percent since reaching a more than three-year closing low on March 23rd, although some analysts think traders are underestimating the long-term economic impact of the outbreak.
Later in the trading session, the Federal Reserve is scheduled to release the minutes of its March meetings.
The minutes may shed additional lights on last month's emergency interest rate cuts as well as the central bank's unlimited expansion of its asset purchases.
After moving sharply higher at the start of trading on Tuesday, stocks showed a significant downturn over the course of the session. The major averages pulled back well off their best levels before eventually closing in negative territory.
The Dow rose more than 900 points in early trading to reach its best intraday level in nearly month but ended the day down 26.13 points or 0.1 percent at 22,653.86. The Nasdaq also fell 25.98 points or 0.3 percent to 7,887.26 and the S&P 500 slipped 4.27 points or 0.2 percent to 2,659.41.
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