US stocks higher as German DAX hits all-time high

US stocks higher as German DAX hits all-time high

LONDON: US stocks opened higher yesterday following a strong showing in Europe, lifted by in-demand tech shares and further positive news from Moderna on its coronavirus vaccine's effectiveness in teenagers. The Dow Jones Industrial Average added 0.2 percent at the open, outpaced by the tech-heavy Nasdaq and the wider S&P 500. Tech firms are "buoyed by the recent reprieve in the spike in interest rates“¦ as ramped-up inflation worries seem to be cooling a bit,“ Charles Schwab analysts commented.

"Moreover, with vaccine rollouts charging on in the US and Europe, optimism of economic recovery appears to be supplying some bullish sustenance,“ they added. Schwab pointed to Moderna's announcement earlier Tuesday that its mRNA shot against COVID-19 was "highly effective“ at preventing the disease in teenagers, and that it would apply for authorization for the age group from US and global regulators "in early June“.

In foreign exchange markets, the euro single currency hit a five-month dollar high. Bitcoin gave up some of its gains after another wild day, after a rally following a supportive tweet from tycoon Elon Musk that offset fresh Chinese warnings of a crackdown on cryptocurrencies. Meanwhile oil prices gained slightly, as talks between Iran, the US and other