US markets surge as economy shrinks slightly in Q1

Thursday, 26. May 2022 15:32

Major US stock markets opened higher on Thursday amid news that the economy contracted slightly more than initially estimated in the year's first quarter. However, the three major stock indexes attempt to break a string of weekly losses.

Earlier, the Bureau of Economic Analysis of the United States said the gross domestic product (GDP) decreased at an annual rate of 1.5%, higher than the 1.4% in the first estimate. However, the number of people making initial claims for jobless benefits fell to 210,000 from 218,000 the previous week. Analysts were expecting 215,000.

The Dow Jones gained 0.71% at 9:31 am ET, or 226 points, with Nike Inc up by 2.19%. The Nasdaq 100 was down 0.26% at the open. However, the index reversed its trend minutes later and jumped 0.61% at 9:38 am ET, while Dollar Tree surged by 18.69%. Finally, the S&P 500 rose 0.34%. The euro improved by 0.18% against the dollar at 9:29 am ET, selling for $1.06988.

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