NEW YORK — Stocks are opening higher on Wall Street, extending a global rally as the U.S. market bounces back from its worst week in two months.

The S&P 500 rose 2.5% in the first few minutes of trading Monday.

Investors were enouraged to see that European countries were taking more steps to lift lockdowns put in place to contain the coronavirus outbreak.

Over the weekend Federal Reserve Chair Jerome Powell expressed optimism that the U.S. economy could begin to recover in the second half of the year. Once the outbreak has been contained, he said, the economy should be able to rebound “substantially.”