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Wall Street closes with slight gains as rising tech stocks offset sliding airlines

U.S. markets closed up slightly on Monday as tech stocks soared to offset a decrease in airline stocks after Warren Buffett announced he sold off his shares in the industry. File Photo by Monika Graff/UPI
U.S. markets closed up slightly on Monday as tech stocks soared to offset a decrease in airline stocks after Warren Buffett announced he sold off his shares in the industry. File Photo by Monika Graff/UPI | License Photo

May 4 (UPI) -- 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.

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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.

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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