US stocks open higher to regain some weeklong losses

Twitter down over 10% after Elon Musk says deal is 'temporarily' on hold over issue of spam/fake accounts

2022-05-13 17:05:57


Major indices in the US stock market opened higher on Friday, trying to regain some of their weeklong losses.

The Dow Jones rose 200 points, or 0.63%, to 31,930 points at 9.36 a.m. EDT (1336GMT). The blue-chip index closed lower Thursday, declining for the sixth consecutive trading days.

The S&P 500 added 42 points, or 1.1%, to start the day at 3,973 after the index closed at 3,930 points on Thursday – the new lowest level for this year.

The Nasdaq increased 180 points, or 1.6%, to start the last trading day of the week at 11,552.

Twitter saw its stock price falling over 10% after Elon Musk said the $44 billion purchase deal is "temporarily" on hold over the issue of spam/fake accounts.

The VIX volatility index, also known as the fear index, fell 4% to 30.51, while dollar index was steady at 104.87.

The 10-year US Treasury yield, on the other hand, rose 3.67% to 2.920%.

Precious metals were down for the second day in a row. The price of gold fell 1.2% to just below $1,800 and silver lost 1% to $20.48.

Crude oil prices were up more than 2%. Global oil benchmark Brent crude was trading at $110.22 for a 2.6% daily gain, while the US benchmark West Texas Intermediate (WTI) was at $109.12 – a 2.8% increase.

After plummeting to $26,801 on Thursday, its lowest level in 16 months, the price of Bitcoin bounced back to $30,600 for a 7% daily gain. The total value of crypto market gained 8% to $1.31 trillion for the day.