Nasdaq claws back ground lost to US inflation fear
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Traders work on the floor of the New York Stock Exchange.
PHOTO: AFP
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NEW YORK (AFP) - Tech shares rose as a quiet day of Wall Street trading drew to a close on Thursday (Nov 11), recouping losses suffered in the prior session after inflation worries caused a sell-off.
The session was unusual in that Wall Street was open but the bond market and most US government offices were closed for the Veterans Day holiday, depriving investors of many political developments or economic data to consider.
At the close of trading, the tech-rich Nasdaq Composite Index was 0.5 per cent higher at 15,704.28. The broad-based S&P 500 was up 0.1 per cent at 4,649.27.
The benchmark Dow Jones Industrial Average fell 0.4 per cent to 35,921.23.
On Wednesday, government data showing inflation hitting a 30-year high last month caused indexes to fall, with tech shares taking the brunt of the downturn.
The fear is that the Federal Reserve will dial back the easy money policies that Wall Street likes more quickly than expected to contain the price hikes.
Rivian finished up 22.1 per cent in its second day of trading after shares of the electric car firm leapt as high as 50 per cent in their debut, taking its market capitalisation with options and other convertible shares included above that of Detroit's legacy automakers.
Tesla closed 0.4 per cent lower after chief executive Elon Musk offloaded company shares worth US$5 billion (S$6.7 billion). That followed a poll he posted on Twitter asking if he should sell 10 per cent of his huge stake in the electric carmaker - to which a majority voted yes.
