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S&P 500 Index opens higher on the back of rising tech stocks

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FXStreet in Market News 12 126798
March 31, 2021 22:05

content provided with permission by FXStreet

  • Wall Street’s main indexes trade in the positive territory on Wednesday.
  • Technology shares post strong gains as risk flows return to markets.
  • Focus shifts to US President Joe Biden’s infrastructure plan.

Major equity indexes in the US opened higher on Wednesday as investors wait for US President Joe Biden to unveil his infrastructure plan, which is expected to be around $2 trillion. As of writing, the Dow Jones Industrial Average was up 0.2% on the day at 33,128, the S&P 500 was gaining 0.43% at 3,975 and the Nasdaq Composite was rising 1.08% at 13,036.

Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is up 1.24%, reflecting the upbeat market mood. On the other hand, the defensive RealEstate Index is losing nearly 1%.

Earlier in the day, the data published by the Automatic Data Processing (ADP) Research Institute showed that the private sector employment in the US rose by 517,000 in March following February’s increase of 176,000.