US stocks open higher, are headed for another weekly gain

NEW YORK (AP) — Stocks were moderately higher in Friday morning trading, recovering some of the declines markets posted the day before as investors became increasingly worried about rising coronavirus infections and their impact on the U.S. and global economy.

The S&P 500 rose 0.8% as of 9:50 a.m. Eastern, with the Dow Jones Industrial Average and Nasdaq Composite posting similar gains. The market was lifted by the same stocks that have dominated this year’s gains: big technology companies such as Cisco Systems, Amazon and Microsoft.

The S&P 500 is on pace for a weekly gain of 1.6%.

Reports of surging COVID-19 cases have had a sobering effect on markets that had advanced on hopes for a vaccine and expectations that pro-business policies will continue after last week’s U.S. elections. Earlier in the week, markets had rocketed higher in response to news that a vaccine could be coming shortly. But even if a vaccine is finalized soon, it will take months for it to be distributed throughout the U.S. and around the globe.

Coronavirus caseloads are rising at a faster pace in the U.S. in almost every state. In New York, the state is ordering restaurants, bars and gyms to close at 10 p.m., beginning Friday. New York was devastated by the virus earlier this year but seemed to have gotten it largely under control. In Europe, several governments have brought back even tougher restrictions that will likely restrain the economy.

“It feels a bit deflated today," Stephen Innes of Axi wrote in a report. A vaccine "cannot get here quick enough as what should be a festive time of the year looks bound to be weeks of holiday gloom.”

Japan’s benchmark Nikkei 225 sank 0.5% to finish at 25,385.87. Australia’s S&P/ASX 200 fell 0.2% to 6,405.20. South Korea’s Kospi reversed course to add 0.7% at 2,493.87. Hong...