US stocks open sharply higher after solid weekly gains

NEW YORK - US stocks opened sharply higher on Tuesday, following solid gains in the previous week.

Shortly after the opening bell, the Dow Jones Industrial Average jumped 581.82 points, or 2.38 percent, to 25,046.98. The S&P 500 was up 60.79 points, or 2.06 percent, to 3,016.24. The Nasdaq Composite Index increased 151.39 points, or 1.62 percent, to 9,475.98.

Novavax Shares surged about 15 percent in early trading. The US biotechnology company said on Monday it has entered clinical trials for a potential coronavirus vaccine. The company said it expects initial results on safety and immune responses in July.

All the 11 primary S&P 500 sectors rallied, with both financials and industrials up more than 3.5 percent, outpacing the rest.

Investors paid close attention to economy reopening as more US states started to relax coronavirus-driven lockdown restrictions.

The market movement came after a solid week for Wall Street that saw all the three major indexes rise more than 3 percent.

US markets were closed Monday in observance of Memorial Day.