World, Economy

US markets open strong, trying to recover from 5-day losing streak

Rise in crude prices lifts oil majors' shares, Bitcoin climbs strongly

Ovunc Kutlu   | 13.09.2021
US markets open strong, trying to recover from 5-day losing streak


Major indexes in the US stock market opened strong on Monday, as the Dow Jones and the S&P 500 were trying to recover from their five days of losing streak.

The blue-chip Dow soared 204 points, or 0.6%, to 34,812 at 9.37 a.m. EDT with IBM and Intel adding 1.2% and 2.5%, respectively.

The S&P 500 increased 26 points, or 0.58%, to 4,484 despite Tesla shedding 0.6%.

The tech-heavy Nasdaq added 21 points, or 0.14%, to 15,136 as AMC Entertainment and GameStop rose around 2.4% apiece.

While the Dow and the S&P fell 2.2% and 1.7%, respectively, last week, the Nasdaq shed 1.6% amid worries over US economic growth.

Shares of oil major also rose with ExxonMobil adding 2.7%, while Chevron and ConocoPhillips gained 1.9% and 3.4%, respectively, with a rise in crude oil prices.

Brent crude added 1.1% to $73.74 per barrel and West Texas Intermediate rose 1.4% to $70.70.

After a steep decline below $43,000 range last Tuesday and hovering above that level for day, the world's largest cryptocurrency Bitcoin quickly climbed above $46,500 shortly after US market opening.

The VIX volatility index, also known as the fear index, plummeted 4.8% to 19.94.

The yield on 10-year US Treasury notes was down 1% to 1.327%, while the dollar index was rose 0.13% to 92.70.

Precious metals were mixed with gold adding 0.15% to $1,790 per ounce, but silver falling 0.9% to $23.53.

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