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Investing.com — U.S. stock markets bounced back from Tuesday’s losses to open higher on Wednesday, as White House economic advisor Larry Kudlow repeated that the economy will not be shut down again to throttle the recent surge in coronavirus cases.
Kudlow also told CNBC that “Every piece of data shows a V-shaped recovery” in the economy, contradicting Atlanta Fed President Raphael Bostic, who had warned in more than one appearance earlier in the week that the recovery was in danger of stalling due to the surge in infections.
Kudlow’s commentary on the state of the virus hasn’t been foolproof – he famously said that the U.S. had contained it “pretty close to airtight” back in March – but his comments were partially vindicated by another 2.2% weekly rise in mortgage applications, further fleshing out the picture of relative health from the housing market.
By 9:45 AM ET (1345 GMT), the Dow Jones Industrial Average was up 123 points, or 0.5%, at 26,014 points. The S&P 500 was up 0.7% and the Nasdaq Composite was up 0.9%. All three indices had registered heavy losses on Tuesday, snapping a five-day winning streak.
