WORLD US stocks open higher as tech rebounds

WORLD

US stocks open higher as tech rebounds

Xinhua

22:25, May 20, 2021

NEW YORK, May 20 (Xinhua) -- U.S. stocks opened higher on Thursday, attempting to snap a three-day losing streak, bolstered by a rebound in tech shares.

Shortly after the opening bell, the Dow Jones Industrial Average rose 22.09 points, or 0.07 percent, to 33,918.13. The S&P 500 increased 17.07 points, or 0.41 percent, to 4,132.75. The Nasdaq Composite Index climbed 100.27 points, or 0.75 percent, to 13,400.00.

Seven of the 11 primary S&P 500 sectors advanced, with technology up 1.2 percent in morning trading, leading the gainers. Energy slipped 1.4 percent, the worst-performing group.

Shares of major U.S. tech giants or the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all traded on an upbeat note.

On the economic front, U.S. initial jobless claims, a rough way to measure layoffs, decreased by 34,000 to 444,000 in the week ending May 15, a fresh pandemic-era low, the Department of Labor reported on Thursday. Economists surveyed by Dow Jones had been expecting 452,000 new claims.

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