US Stocks Open Higher After Trump Hospitalization, Dow +0.9%

Wall Street stocks climbed at the open on Monday, shrugging off worries over US President Donald Trump’s health after he was hospitalized following a positive Covid-19 diagnosis last week.

About 10 minutes after the open, the benchmark Dow Jones Industrial Average gained 0.8 percent to 27,912.24.

The broad-based S&P 500 rose 0.9 percent to 3,377.95 while the tech-rich Nasdaq climbed 1.2 percent to 11,207.73.

US stocks had slumped on Friday after Trump announced his diagnosis and the Labor Department reported weak hiring in September.

Trump waited until markets had closed before heading to Walter Reed military medical center near Washington, where he spent the weekend undergoing treatment but continued to release photos and videos and made a drive-by appearance to supporters.

A White House official said a decision would be made later today on whether the president would be released.

Among individual stocks, MyoKardia, which specializes in the treatment of cardiovascular ailments, shot up 58.3 percent after pharmaceutical giant Bristol Myers Squibb announced it would buy the firm.

The latter company’s stock was trading 0.7 percent lower.