Stocks

Dow futures up more than 100 points as oil declines; traders weigh prospects of re-opening the economy – CNBC

Charging Bull Statue is seen at the Financial District in New York City, United States on March 29, 2020.

Tayfun Coskun | Anadolu Agency | Getty Images

Stocks futures were higher in early Monday morning trade, as oil prices fell, while investors assessed the possibility of re-opening the global economy after the coronavirus outbreak.

Dow Jones Industrial Average futures were up 177 points, implying a Monday opening gain of around 168 points. S&P 500 and Nasdaq 100 futures also pointed to a higher Monday open for the two indexes. West Texas Intermediate futures were down more than 10% at $15.18 per barrel. 

Wall Street’s coming off its first weekly decline in three as a record plunge in oil prices sent investors for a wild ride. Both the Dow and S&P 500 fell over 1% last week while the Nasdaq Composite dipped 0.2%.

New York Gov. Andrew Cuomo said Sunday the state plans to re-open its economy in phases. The first phase, Cuomo said, would involve New York’s construction and manufacturing sectors. As part of the second phase, businesses will need to design plans for a re-opening that include social distancing practices and having personal protective equipment available.

Cuomo also noted that coronavirus-related hospitalizations have fallen for 14 days and that virus deaths in New York hit a near one-month low. Those comments came as Georgia started to re-open its economy.

“As various states begin to reopen their economies and relax social distancing
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