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Stocks open higher

September 16, 2020. Summarized by summa-bot.

NEW YORK, NEW YORK - SEPTEMBER 11: People walk by the New York Stock Exchange (NYSE) near One World Trade Center, the Freedom Tower, in lower Manhattan during commemoration ceremonies for the September 11, 2001 terror attacks on September 11, 2020 in New York City. Hundreds of people have gathered for the 19th anniversary of the event at Ground Zero to remember the nearly 3,000 who were killed on that day. But this year, due to COVID-19 pandemic restrictions, only family members are allowed to gather at the 9/11 Memorial plaza. There will also not be an in-person reading of the victims??? names at the memorial and instead there will be a pre-recording of names by family members broadcast throughout the plaza and live-streamed online. (Photo by Spencer Platt/Getty Images)

US stocks ticked higher at the open on Wednesday, ahead of the Federal Reserve’s monetary policy update at 2pm ET.

By CNN Business

The stock market has enjoyed unprecedented stimulus from the central bank and the government during the pandemic crisis, which has pushed the market higher.

Kohl’s eliminated 15% of jobs at its corporate headquarters and other corporate offices this week.

It had about 122,000 employees in total last year -- including store employees -- with 37,000 of those jobs being full-time positions.

The Wisconsin-based department store chain will save about $65 million annually from the job cuts, and that it will spend $23 million on severance and other separation costs.

Kohl’s returned to profitability in the three month period ending Aug. 1, earning $47 million, after posting a $495 million loss (excluding special items) in its fiscal first quarter because of pandemic-related store closures.

Department store chains including Kohl's were having trouble even before the Covid-19 pandemic.

From CNN Business' David Goldman

Americans had been using less oil as the pandemic led people to ditch their commutes in favor of working from home -- or not working at all, for many.

Oil prices could continue to rise as Hurricane Sally is made landfall on the Gulf coast today, disrupting oil production and refineries.

The huge shock to many of the world's biggest economies from the coronavirus pandemic may not be quite as bad as economists feared just a few months ago.

In a report published on Wednesday, the Organization for Economic Cooperation and Development upgraded its forecast for global economic output this year, noting that while declines were still "unprecedented in recent history," the outlook has improved slightly since June.

The Paris-based agency said it now expects the world economy to shrink by 4. 5% in 2020 before expanding by 5% in 2021.

Previously, the OECD said it thought the global economy would contract by 6% this year and grow 5. 2% next year.

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