Wall Street opens in the green as the Dow Jones rises by 0.19%.
Notable gains were made by Microsoft (NASDAQ: MSFT) (2.36%) and Salesforce (NYSE: CRM) (1.18%)
The biggest gains were seen in the technology sector (0.71%) and the communications sector (0.48%)
On Thursday, Wall Street opened in the green with the Dow Jones Industrial Average, its main indicator, rising by 0.19%, as investors analyze the latest economic data.
Ten minutes after the market opened, the Dow Jones stood at 39,118 points, and the benchmark S&P 500 rose by 0.19% to 5,175.
The Nasdaq Composite index, where major tech companies are listed, increased by 0.33% to 16,231 units.
The Producer Price Index (PPI) for February, a measure of wholesale inflation, rose by 0.6% last month.
Excluding food and energy prices, the core PPI increased by 0.3% in February.
The PPI report is the latest significant economic data before the upcoming Federal Reserve monetary policy meeting next week.
On the other hand, the cryptocurrency bitcoin fell to $71,888 after recently hitting a record high of nearly $73,700.
By sectors, the biggest gains were seen in the technology sector (0.71%) and the communications sector (0.48%), while the largest losses were in real estate (-1.04%) and utilities (-0.55%).
Among the 30 Dow Jones components, notable gains were made by Microsoft (NASDAQ: MSFT) (2.36%) and Salesforce (NYSE: CRM) (1.18%), while losses were seen in Walt Disney (NYSE: DIS) (-1.15%) and Verizon (NYSE: VZ) (-1.13%).
In other news, the legislative project approved yesterday by the United States House of Representatives, which could entail the prohibition of TikTok unless its Chinese parent company, ByteDance, divests, jeopardizes over 300,000 jobs in the country, as warned by the social platform. TikTok has stated that it will exercise its legal rights to defend itself.
“If this legislation becomes law, it will lead to the prohibition of TikTok in the United States,” stated TikTok CEO Shou Chew in a post on the X social network. In this regard, the executive pointed out that the bill, which now must be approved by the United States Senate before reaching Joe Biden’s desk for signing, grants more power to a handful of other social media companies.
Furthermore, TikTok’s CEO has defended that the company has invested in recent years to keep data safe and the platform free from external manipulation, pledging to continue doing so.
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