Mon, 19 Apr 2021

U.S. stocks open mixed after steep sell-off

Xinhua
27 Feb 2021, 02:44 GMT+10

NEW YORK, Feb. 26 (Xinhua) -- U.S. stocks opened mixed on Friday after a major setback in the prior session.

Shortly after the opening bell, the Dow Jones Industrial Average fell 80.86 points, or 0.26 percent, to 31,321.15. The S&P 500 increased 13.45 points, or 0.35 percent, to 3,842.79. The Nasdaq Composite Index rose 149.97 points, or 1.14 percent, to 13,269.41.

Of the 11 primary S&P 500 sectors, technology advanced 1.5 percent in morning trading, outpacing the rest. Energy dropped more than 2 percent, the worst-performing group.

The moves came after a key measure of inflation showed price pressures were muted.

U.S. personal consumption expenditures (PCE) price index rose 0.3 percent in January and was up 1.5 percent year over year, the Bureau of Economic Analysis reported on Friday.

The so-called PCE price index is the Federal Reserve's closely-watched measure of inflation and last month's reading was still below the Fed's 2-percent target.

Inflation fears have mounted on Wall Street in recent weeks. Tech mega-caps that fueled the market's first bounce from pandemic lows have seen intense selling lately amid inflation worries.

On Thursday, Wall Street's major averages closed sharply lower with the tech-heavy Nasdaq shedding 3.52 percent.

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