US stock market opens higher

By Ovunc Kutlu

ANKARA (AA) - Major indexes on the US stock market opened higher on Monday, while Bitcoin and other cryptocurrencies rebounded after a steep decline last week.

The Dow Jones rose 79 points to 34,122 with investment banking majors JPMorgan, Morgan Stanley and Goldman Sachs adding 1.5% each.

The S&P 500 increased 10 points to 4,191 at 9.37 a.m. EDT (1337GMT), while the Nasdaq added 39 to points to 14,055.

Despite the higher opening, VIX volatility index was still high at 17.87 with a 3.1% daily increase, keeping volatility and uncertainty high for investors.

After a massive slump, Bitcoin was just below $54,000 resistance with an 8% daily increase, trying to break the critical level. The world's top cryptocurrency lost more than 30% of its value in a week, bringing down other coins.

Ethereum was just below $2,500 mark at the time with a 7.9% gain, while the world's third largest cryptocurrency Binance Coin was at $540 with a 6% increase.

The steep decline in cryptos came after most of them, including Bitcoin, reached all-time highs 10 days ago with more investors coming into the market.

Expectations of US President Joe Biden administration preparing to increase capital gains tax to 39.6% for Americans earning more than $1 million also contributed to the decline.