PARIS (Reuters) – The New York Stock Exchange opened higher on Friday, with Tesla rising and hopes of a pause in interest rate hikes from the Federal Reserve.
In early trading, the Dow Jones index gained 68.97 points, or 0.21%, to 33,378.48 points and the broader Standard & Poor’s 500 rose 0.26% to 4,141.38 points.
The Nasdaq Composite took 0.21%, or 25.779 points, to 12,354.286.
“The market is bullish that we won’t have a hard landing in the economy and there won’t be a big recession,” said Adam Sarhan, managing director of 50 Park Investments.
“The Fed may take a break from monetary tightening because inflation is slowing and the financial system has been shaken, but it hasn’t collapsed.”
Shares of regional banks regained ground after being heckled the day before because of the difficulties of PacWest, which took 1.7%.
Tesla gains 2.38% after Elon Musk said it found a new chief executive for Twitter, which would allow it to refocus on the automaker.
According to the Wall Street Journal, he could be replaced at the head of Twitter by Linda Yaccarino, who has just resigned from her position as head of advertising at NBCUniversal.
(Laetitia Volga, edited by Tangi Salaün)
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