Wall Street opens higher on economic recovery

Monday, 24. May 2021 15:31

Major equity markets in the United States opened the first day of the trading week with gains as investors grew more comfortable with the inflation increase that is believed to be transitory, rather than long-term. Companies that operate in sectors, such as energy and materials, were more popular among traders as the price pressures in those industries can be passed along to consumers. Tech shares, on the contrary, were more stagnant.

Meanwhile, as the cryptocurrency market revived, so did the companies related to crypto, such as the exchange platform Coinbase and Tesla, which is known to be a big Bitcoin holder. Last week, Elon Musk shared in a tweet that Tesla has "diamond hands" and therefore is not looking to sell its share of the cryptocurrency.

The Dow gained 0.36% as Microsoft increased by 1.92%, while the S&P 500 grew by 0.53% with HP Inc rising by 2.53%. The Nasdaq 100 opened 0.71% higher led by Cadence Design Systems climbing by 1.64%. The euro advanced 0.23% against the dollar, exchanging hands for $1.22090 at 9:25 am ET.

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Breaking the News / LH