Economy

US stocks open higher to regain some weeklong losses

Twitter down over 10% after Elon Musk says deal is 'temporarily' on hold over issue of spam/fake accounts

Ovunc Kutlu   | 13.05.2022
US stocks open higher to regain some weeklong losses

ANKARA

Major indices in the US stock market opened higher on Friday, trying to regain some of their weeklong losses.

The Dow Jones rose 200 points, or 0.63%, to 31,930 points at 9.36 a.m. EDT (1336GMT). The blue-chip index closed lower Thursday, declining for the sixth consecutive trading days.

The S&P 500 added 42 points, or 1.1%, to start the day at 3,973 after the index closed at 3,930 points on Thursday – the new lowest level for this year.

The Nasdaq increased 180 points, or 1.6%, to start the last trading day of the week at 11,552.

Twitter saw its stock price falling over 10% after Elon Musk said the $44 billion purchase deal is "temporarily" on hold over the issue of spam/fake accounts.

The VIX volatility index, also known as the fear index, fell 4% to 30.51, while dollar index was steady at 104.87.

The 10-year US Treasury yield, on the other hand, rose 3.67% to 2.920%.

Precious metals were down for the second day in a row. The price of gold fell 1.2% to just below $1,800 and silver lost 1% to $20.48.

Crude oil prices were up more than 2%. Global oil benchmark Brent crude was trading at $110.22 for a 2.6% daily gain, while the US benchmark West Texas Intermediate (WTI) was at $109.12 – a 2.8% increase.

After plummeting to $26,801 on Thursday, its lowest level in 16 months, the price of Bitcoin bounced back to $30,600 for a 7% daily gain. The total value of crypto market gained 8% to $1.31 trillion for the day.

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