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Stocks rise as Trump pushes US toward reopening

Stocks rose when the market opened Wednesday as Wall Street ramps up its bets on a quick recovery despite rising coronavirus cases and pandemic-related layoffs.

The Dow Jones Industrial Average rose more than 100 points Wednesday, rising 0.5 percent for its third consecutive day in the green. The Nasdaq rose 1.1 percent, and the S&P 500 rose 0.7 percent.

Stocks have rallied steadily since April, the best month for the market since 1987, from a late winter crash as more than 30 state governors rolled out plans for easing social distancing restrictions even as coronavirus cases continue to increase.

President TrumpDonald John TrumpTrump volunteers kept ‘VIP’ list of leads for medical supplies: report Over half of workforce at Tyson plant in Iowa tests positive for coronavirus Trump offers support for those who have lost family due to coronavirus MORE has brushed aside fears from public health officials and economists that loosening up too soon would cause a surge in new cases.

“The people of our country are warriors,” Trump said Tuesday during a trip to Arizona. “I’m not saying anything is perfect. And yes, will some people be affected? Yes. Will some people be affected badly? Yes. But we have to get our country open and we have to get it open soon.”

More than 30 million Americans have filed new claims for unemployment benefits since mid-March as restrictions imposed to slow the spread of COVID-19 forced thousands of businesses to shutter and lay off workers. 

U.S. private sector payrolls also lost a record-shattering 20 million jobs in April, according to the monthly report from the ADP Research Institute and Moody’s Analytics, ramping up pressure to allow businesses to reopen again.

Even so, experts warn that the U.S. economy will continue to struggle through a slow recovery after restrictions are lifted and could be devastated even further if the country is forced to shutdown again.

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