The Stock Exchanges in New York Opened With Pluses on Wednesday

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The stock exchanges in New York opened with pluses on Wednesday. The lower than expected inflation figure for February, in particular, provided some relief.

 

Investors seem a bit more reassured when it turned out that there was no inflation spike as the economy continues to gain momentum. Investors’ gaze is further focused on the House of Representatives, which will later vote on the $ 1.9 trillion crisis support package.

US inflation rose 1.7 percent year-on-year last month. This means that currency depreciation is at its highest level in a year, driven by higher energy prices. Shortly after opening, the Nasdaq rose more than 1 percent to 13,210 points after gaining 4 percent a day earlier. The Dow Jones index gained 0.9 percent to 32,092 points, and the broad S&P 500 rose 0.6 percent to 3900 points.

Tesla lost more than 5 percent in early trading. On Tuesday, the electric car manufacturer’s price rose by nearly 20 percent, the largest daily increase for the stock in about a year. Big names such as Amazon, Apple, Facebook and Google mother Alphabet turned light green.

GameStop also continued its advance with a 15 percent profit in a rally that nearly doubled the company’s value in a week. GameStop’s course is driven by purchases from retail investors organized on the online forum Reddit.

Other companies that are part of the Reddit madness also gained stock market value. Headphone producer Koss won 48 percent. Cinema chain AMC Entertainment gained nearly 8 percent in market value.

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