US Stock Markets Rise Despite Plummeting Airline Stocks

Published May 5th, 2020 - 01:00 GMT
US Stock Markets Rise Despite Plummeting Airline Stocks
The Dow Jones Industrial Average closed up 28.72 points, or 0.12 percent, the S&P 500 climbed 0.42 percent and the Nasdaq Composite rose 1.23 percent. (Shutterstock)
Highlights
Netflix stock climbed 3.10 percent, Microsoft stock rose 2.45 percent, Facebook stock grew 1.48 percent and Amazon stock increased 1.31 percent.

 U.S. markets rose slightly to open the week as strong gains by tech stocks helped to offset plummeting airline stocks.

The Dow Jones Industrial Average closed up 28.72 points, or 0.12 percent, the S&P 500 climbed 0.42 percent and the Nasdaq Composite rose 1.23 percent.

Netflix stock climbed 3.10 percent, Microsoft stock rose 2.45 percent, the Facebook stock grew 1.48 percent and Amazon stock increased 1.31 percent.

Investor Warren Buffett influenced trading on Monday after announcing that he'd sold all of his shares in airlines.

Buffett said over the weekend during a virtual shareholder meeting that he sold the shares due to the impact of the coronavirus pandemic.

Prior to the sale, Buffett's company Berkshire Hathaway had more than $4 billion invested in U.S. airlines United, American, Southwest and Delta.

American Airlines stock plummeted 7.71 percent, Delta slid 6.39 percent, Southwest dropped 5.71 percent and United stock fell 5.11 percent.

The Dow closed trading on Friday down more than 600 points.


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