Dow Rallies from 3 Week Low as Index Posts 200 Points at Market Open

The Dow Jones Industrial Average posts a more than 200 point gain as markets open, with the S&P 500 and Nasdaq riding its coattails.

The Dow has so far risen 240 points to rest at 32,660 (+0.71%) following its worst day in 3 weeks on Tuesday. All three major US stock indices fell on Tuesday after news from Europe showed uncertainty in COVID rollbacks with cases on the rise.

Despite promising futures, the Nasdaq is stagnant at 13,010 (-0.04%) signaling that investors are still wary of the big tech industry. Shares of Tesla (TSLA) are down $2.64 to $660 (-0.33%) despite news that the electric car manufacturer would now accept Bitcoin as payment earlier this morning.

The S&P 500 has largely followed the Dow’s lead, up 23 points to 3,933 (+0.6%). This push is likely due to announcements out of Intel that they would be taking an aggressive stance towards production after manufacturing issues that came to light in 2020. Shares of Intel are up $1.50 this morning to $64 (+1.99%).

Cryptocurrency is largely up this morning following Tesla’s announcement, with Bitcoin climbing to $56,449 in value (+3.89%). Ethereum has followed the trend, posting a gain of $48 in value up to $1719 (+2.92%). 

Popular meme stocks AMC and GameStop have plummeted this morning in response to news out of both Disney and GameStop itself. Shares of AMC fell 13% in pre-market trades following news that Disney would be delaying the “Black Widow” film, while GameStop slid to $147 a share following news that the corporation would be selling shares for capital. Shares of AMC have stabilized at $10.54 (-1.31%) but GameStop is still currently down over $33 a share (-18.56%).

European markets continued to show uncertainty in the face of rising COVID cases, with the Stoxx 600 down 0.19 points to 423.14 (-0.04%). London’s FTSE 100 trends up slightly by 5.45 points to 6,703 (+0.06%), while the European DAX continues to shed points, down 73.23 points to 14,591 (-0.48%). 

Asian markets continued to bleed, with Shanghai’s Composite Index (SHCOMP) sliding 44 points to 3,367 (-1.3%). Hong Kong’s Hang Sang (HSI) posted a massive 579 point loss to 27,918 (-2.03%) while Japan’s Nikkei took nearly the same dive, down 590 points to 28,405 (-2.04%).

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