Wall Street closed this Thursday with gains. Its main indicator, the Dow Jones of Industrials, rose by 1.29%. Part of what was lost on the previous day due to the fear of inflation was recovered.
At the close of the New York Stock Exchange session, the Dow Jones rose 433.79 points to 34,021.45. The selective S&P 500 rose 1.22% or 49.46 points, to 4,112.50.
The Nasdaq Composite Index, on which the leading technology companies are listed, climbed by 0.72% or 93.31 points, to 13,124.99.
Almost all sectors finished in green, led by industrial (1.9%), financial (1.87%), and public services (1.79%).
The New York stock market took the opportunity to buy shares at a lower price, especially technological ones, after the falls caused by the April inflation data in the US on Wednesday.
The technology sector advanced 1.37%, driven by large listed companies such as Apple (1.79%), Microsoft (1.69%), and Alphabet (1.02%).
Investors shifted their focus to reopening
Investors appeared to neglect concerns about a takeoff in inflation and the possible withdrawal of monetary stimulus, focusing on reopening.
Wall Street was encouraged by the progress towards normality. It happened after the US health authorities concluded that the vaccinated population of the country would not be required to use a mask in most closed spaces.
The consumer price index increased by 0.8% in April, and year-on-year inflation stood at 4.2%. It’s the highest recorded since 2008. Meanwhile, the producer price index increased by 0.6% month-on-month and 6.2% year-on-year, its most significant increase since 2010.
Among the 30 listed on the Dow Jones, the most significant increase was experienced by Home Depot, which surged by 2.72%. Travelers gained 2.64%. At the same time, JPMorgan Chase added 2.58%, and 3M climbed by 1.21%.
Only Chevron closed in red yielding 0.69%, coinciding with moderate losses in the energy sector by 0.69%.
As for cryptocurrencies, bitcoin fell to $49,000. It followed the comments of Elon Musk, founder of Tesla. He stated that the company would stop accepting payments with this cryptocurrency due to its environmental impact. Tesla’s shares dropped by 3.09% today.
In other markets, Texas oil decreased to $63.82 a barrel. At the close of the session, the yield of the 10-year Treasury bond grew to 1.656%. Gold amounted to $1,827.10 an ounce, and the dollar lost ground against the euro, with a change of 1.2081.