Wednesday, May 29

The Stock Markets in New York Started Mixed on Wednesday

The stock markets in New York were on Wednesday at the opening around the close of the day before.


Lately, the gauges have been boosted by the stimulus package promised to president-to-be Joe Biden. Automaker General Motors (GM) was a notable climber on Wednesday.

GM won 9.5 percent in the early trade. The automaker is entering electric driving with a new entity BrightDrop. The subsidiary focuses on the market for vans with a plug. BrightDrop will also become active in the field of fleet services and management.

The leading Dow Jones index rose a fraction in the opening minutes to 31,102 points. The broad S&P 500 did just that and stood at 3,805 points. Tech gauge Nasdaq also improved slightly to 13,086 points.

Due to vaccine hopes and the upcoming additional support for the economy, the stock markets have recently reached record highs. This put aside the fear of the negative impact of the corona crisis. Even so, the number of Covid-19 infections in the US is increasing rapidly. The recovery of the labour market has also stagnated.

Later on Wednesday, the House of Representatives will vote on incumbent President Donald Trump’s impeachment procedure. This is because of the storming of the Capitol by Trump supporters last week. Five people were killed.

Trump is accused of inciting the crowd, repeating allegations of ballot-box fraud in the election he lost. Incidentally, there is no evidence for this.

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