US closes higher amid tech gains

Montag, 24. Mai 2021 22:00

Major stock markets in the United States closed higher on Monday as tech stocks extended gains from earlier today. Inflation continued to be in focus, with Federal Reserve Bank of St. Louis President James Bullard stating that it is too early to discuss tapering and repeating that he believes US inflation will remain above 2% until 2022. Meanwhile, negotiations continued regarding President Joe Bidens infrastructure bill with the Republicans giving their counteroffer. On the business front, reports surfaced that Amazon would finalize its acquisition of MGM Holdings later this week. Cryptocurrencies also continued to rally after the weekend sell-off.

The Dow was up by 0.54% with Microsoft Corp leading the gains at 2.29% up, as the S&P 500 grew by 0.99% with MGM Resorts International being the top performer at 5.14%. The Nasdaq 100 closed 1.72% higher led by Applied Materials climbing by 4.60%.

The euro advanced 0.29% against the dollar, exchanging hands for $1.22171 at 4:01 pm ET.

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Baha Breaking the News (BBN) / MJ