Nasdaq opens at record with eye on stay-at-home firms

By Ovunc Kutlu

ANKARA (AA) - Nasdaq opened at a new record high level on Monday because investors have focused on stay-at-home companies as rising cases of COVID-19 in the US continue to fuel uncertainty for markets.

The main tech index was up by 182 points, or 1.35%, at 13,725 points at 9.40 a.m. EDT (1740 GMT) with tech stocks in high demand since investors see them as relatively safer bets in case of potential quarantine measures that could result in higher earnings for such companies.

E-commerce firm Amazon shares were up 2%, while Apple and Zoom Video gained almost 4% each.

The S&P 500 was also up by 12 points, or 0.3%, to 3,853 points, but the Dow Jones was down 151 points, or 0.5%, to 30,845 points.

Since the start of the pandemic, the US has registered 25.1 million cases and 419,215 fatalities, continuing to be the worst-hit country by COVID-19, according to Johns Hopkins University data.

The markets await the US President Joe Biden administration's $1.9 trillion relief bill to pass the Congress rapidly in coming weeks to provide aid for healthcare industry and stimulate the world's largest economy.