Wall Street opens higher on stimulus, inflation data
Wall Street opened in the green on Thursday after the passage of President Joe Biden’s $1.9 trillion coronavirus relief bill. Biden is expected to sign the bill on Friday, paving the way for $1,400 direct stimulus checks and other measures designed to support the pandemic-stricken economy.
Following weeks of nervous market sentiment amid concerns over rising inflation and Treasury yields, investors were relieved this week by February’s softer-than-expected inflation reading. Moreover, the US Treasury’s $38 billion sale of 10-year notes on Wednesday was met with solid demand.
The Dow Jones was up 0.18% at the start of trading as Apple climbed 1.63%. The S&P 500 rose 0.43% with Tesla and Advanced Micro Devices leading the gains. The Nasdaq 100 jumped 1.61%; Pinduoduo surged over 6%.
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