US stocks open higher after two down sessions

The George Washington Statue at the Federal Hall National Memorial on Wall Street across the New York Stock Exchange January 27, 2021. — AFP pic
The George Washington Statue at the Federal Hall National Memorial on Wall Street across the New York Stock Exchange January 27, 2021. — AFP pic

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NEW YORK, Jan 20 — Wall Street stocks opened higher today as investors sought to shrug off two consecutive losing sessions amid lingering worries over tightening monetary policy.

After a poor start to 2022 for equities, some analysts consider the market “oversold,” as investors recalibrate valuations with the Federal Reserve signalling a sharp change in monetary policy.

The yield on the 10-year US Treasury note — a proxy for Fed lending rates — edged lower early Thursday after spiking above 1.85 per cent in recent days.

About 25 minutes into trading, the Dow Jones Industrial Average was up 0.8 per cent at 35,316.39.

The broad-based S&P 500 gained 0.9 per cent to 4,574.38, while the tech-rich Nasdaq Composite Index jumped 1.5 per cent to 14,548.76.

However, analysts noted that stocks also opened higher yesterday before pulling back.

Among individual companies, shares of both American Airlines and United Airlines declined after they reported quarterly losses due in part to lingering impacts from the latest Covid-19 wave. However, both carriers signaled they expect a strong recovery in demand this spring. — AFP

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