U.S. stocks open sharply higher

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U.S. stocks opened sharply higher on Monday, following three major indexes’ mixed results in the prior week.

Shortly after the opening bell, the Dow Jones Industrial Average jumped 391.03 points, or 1.44 percent, to 27,564.99. The S&P 500 rose 45.11 points, or 1.37 percent, to 3,343.57. The Nasdaq Composite Index advanced 160.21 points, or 1.47 percent, to 11,073.77.

All the 11 primary S&P 500 sectors climbed, with energy up 2.5 percent in morning trading, leading the gains.

The moves came after U.S. House Speaker Nancy Pelosi said on Sunday that another COVID-19 stimulus plan was still possible as Democrat lawmakers were trying to forge ahead on an aid package worth about 2.4 trillion U.S. dollars.

House Democrats unveiled a three-trillion-dollar relief proposal in May, which did not gain support from Republicans. Senate Republicans put forward a one-trillion-dollar package in late July and failed to advance a slimmed-down proposal earlier this month.

Recently, Pelosi has insisted that Democrats will not accept any package lower than 2.2 trillion dollars.

More than 7.1 million confirmed COVID-19 cases have been reported in the United States with deaths surpassing 204,700 as of Monday morning, according to a tally by Johns Hopkins University.

For the week ending Friday, the Dow fell 1.75 percent, the S&P 500 dipped 0.63 percent, while the Nasdaq rebounded 1.11 percent.

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