Dow jumps 350 pts at close, Nasdaq up over 2%

Friday, 14. May 2021 22:00

Stocks on Wall Street closed with sharp gains on Friday as the Dow Jones surged over 350 points following a volatile week for markets. Meanwhile, tech shares rallied after suffering massive selloffs earlier this week, pushing the Nasdaq 100 up over 2%.

The turbulent week for stocks came on the back of concerns over rising inflation and the Federal Reserve tightening its monetary policy. However, investors shrugged off inflation fears amid positive global sentiment surrounding recovery from the coronavirus pandemic. Earlier this week, the US Centers for Disease Control and Prevention eased mask-wearing guidance for vaccinated people as well.

The Dow closed 360 points higher as Goldman Sachs rose 2.78%. The S&P 500 climbed 1.49% with Seagate and Western Digital rocketing over 12% and 8% respectively. The Nasdaq 100 rallied 2.17%; Moderna was the strongest performer, surging 7.68%.

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Author:
Breaking the News / JC