U.S. stocks open higher as tech shares rally

Source: Xinhua| 2020-03-20 22:25:31|Editor: xuxin
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NEW YORK, March 20 (Xinhua) -- U.S. stocks opened higher on Friday, bolstered by solid gains in major tech shares.

Shortly after the opening bell, the Dow Jones Industrial Average gained 131.37 points, or 0.65 percent, to 20,218.56 The S&P 500 climbed 20.38 points, or 0.85 percent, to 2,429.77. The Nasdaq Composite Index increased 108.61 points, or 1.52 percent, to 7,259.18.

Shares of U.S. tech giants, the FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all traded higher, contributing to the market.

Tech shares are rallying as investors speculate the sector can withstand a recession, experts noted.

Wall Street has been taken on high volatility these days as investors grew concerned over a severe economic downturn driven by the coronavirus epidemic.

Governments and central banks have been stepping up efforts to cushion the damage.

"Uncertainty remains over whether current announced measures will prove sufficient or whether additional stimulus will be required," said UBS Global Wealth Management's Chief Investment Officer Mark Haefele, adding further signs of virus containment are key to a more sustained rally in risky assets.

The number of COVID-19 cases in the United States topped 13,000 as of 5:30 p.m. local time on Thursday (2130 GMT), according to the Center for Systems Science and Engineering at Johns Hopkins University.