Wall Street Opens Higher As Nasdaq Recovers From Crash

Wall Street Opens Higher As Nasdaq Recovers From Crash

Wall Street Opens Higher As Nasdaq Recovers From Crash

Investing.com – The US stock market opened higher on Wednesday, helped by a recovery in tech stocks after their worst day since the pandemic began.

By 9:40 am ET (1:40 pm GMT), the Nasdaq Composite was up 168 points, or 1.5%, while the Dow Jones was up 228 points, or 0.8%, and The S&P 500 is up 1.1%.

Tesla (NASDAQ: TSLA) and Apple (NASDAQ: AAPL), two of the most visible outsiders in recent days, have posted solid but limited gains. Tesla shares jumped 6.8% after falling 21% on Tuesday, while Apple recovered 2.7% after falling about 8%.

Other sharply rebounding stocks include Zoom Video (NASDAQ: ZM), which rose 3.8%, Microsoft (NASDAQ: MSFT), which rose 3.3%, and chipmaker Nvidia (NASDAQ: NVDA), which grew by 3.7%.

Sentiment was boosted by the publication of the Bureau of Labor Statistics's Job Openings Survey (JOLTS), which showed another sharp rise in job openings to 6.618 million, after 6 million last month. This is the highest figure since May, and could further ease the pressure on quarreling US politicians trying to strike a deal on the next stimulus package.

Senate Republicans on Tuesday proposed a package of measures with an estimated price of $ 650 billion, of which almost half will be funded from unused funds left over from previous stimulus packages. House Democrats again dismissed the move as inadequate, although Senate minority leader Chuck Schumer said he said there was still a good chance both of them would reach a compromise.

However, there were some big outsiders, including Tiffany (NYSE: TIF), which fell 10.5% after French luxury goods giant LVMH (OTC: LVMUY) dropped its $ 16 bid. , 2 billion for this company. Investors seem to believe that the jeweler has little chance of success in trying to get LVMH to complete the deal. LVMH's actions are putting Tiffany at risk in a market where the cost of shopping for tourists and other shoppers is paramount.

Other stocks in red include Slack Technologies (NYSE: WORK), which fell 14.4% after the messaging app company missed expectations in its quarterly report after trading closed on Tuesday. … Lululemon Athletica (NASDAQ: LULU) also fell after it declined on Tuesday to forecast the rest of the year, despite surpassing analysts' earnings for the last quarter.

By Jeffrey Smith

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