The US stock market opened higher on Friday, indicating that despite the decline of large technology stocks, most major indexes have risen for the second consecutive week.
In recent days, people’s optimism about the Covid-19 vaccine has caused investors to withdraw from this year’s rapid development of technology stocks and made economically sensitive industries such as energy and banking the best performing stocks this week.
The Dow Jones Industrial Average rose 0.8% in early New York trading, up 207 points. Despite the drop on Thursday, the blue chip index has risen nearly 2.7% this week.
The Standard & Poor’s 500 index also rose 0.7%, indicating that the broader market index will close with a slight gain this week. Underperforming large stocks account for a large portion of this indicator.
The high-tech Nasdaq Composite Index rose 0.6%, indicating that Friday’s gains may not be enough to make up for this week’s decline.