United States (US) stock exchanges opened higher in trading Wednesday (5/5/2021), following the strengthening of technology shares that pushed Wall Street stronger.
The Dow Jones Industrial Average rose 75.4 points (+ 0.2%) at 8:30 am local time (20:30 WIT) and a 10-minute interval receded to 32.65 points (+ 0.1%) to 34,165, 68. The S&P 500 was up 12.6 points (+ 0.3%) to 4,177.29 and the Nasdaq was up 72.95 points (+ 0.54%) to 13,706.45.
General Motors shares jumped more than 3% after the performance beat expectations. Activision Blizzard shares rose more than 5 and online taxi app company Lyft soared more than 4% after both reported sales increases exceeded market expectations.
Stock Exchange Has Touched the Lowest Level
The stock market also touched its lowest level in May after US Treasury Secretary Janet Yellen considered that the benchmark interest rate should be raised to prevent the US economy from overheating. “It’s not something I predict or recommend,” he said.
On Wednesday, investors sold technology stocks and growth-based stocks, causing the Nasdaq Composite index to plunge 1.9%. Netflix shares fell 1.2% Microsoft fell 1.6%, while Amazon and Facebook were down 2.2% and 1.3%, respectively. Apple shares also fell 3.5% while Alphabet (Google’s parent company) shares fell 1.6%.
The S&P 500 Index on Wednesday erased the gains printed on Monday, weakening 0.7%. The Dow Jones Industrial Average was also under pressure, by 20 points, after dropping more than 300 points. Meanwhile, Russell 2000’s small market capitalization stock index was depressed 1.3%.