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NEW YORK (dpa-AFX) – Investors on Wall Street largely shook off concerns about the surprisingly slow economic growth in China on Monday. In view of the slight fall in oil prices, fears of inflation also faded somewhat into the background. The most important stock indices largely made up for their initial losses. Technology stocks in particular posted gains.
Investors recently focused again on the factors that had triggered a recovery rally last week. These include the good start to the corporate reporting season and robust US economic data.
The Dow Jones Industrial (Dow Jones 30 Industrial) only briefly made the leap into profitability on Monday and was most recently 0.14 percent lower at 35 244.40 points. In the past week, the leading index had achieved a plus of 1.6 percent.
At the start of the new week, mixed signals came from Asia, which still depressed sentiment in early trading. The upswing in the Chinese economy lost much of its momentum in the third quarter: the world’s second largest economy only grew by 4.9 percent year-on-year and thus slightly less than experts expected on average.
However, the investors had already accessed the previous week after an intermittent price slide. The Dow had recovered by three and a half percent within three trading days, which Brsians see as a sign of strength. Even the record high of 35,631 points is within reach again.
The S&P 500 gained 0.21 percent to 4480.60 points. For the technology-heavy NASDAQ 100, it rose 0.75 percent to 15,260.31 points.
Meanwhile, Walt Disney’s papers lost more than three percent at the Dow end. Barclays Bank analyst Kannan Venkateshwar worried in a study about the growth of the streaming business Disney +.
Among tech stocks, Tesla’s shares expanded their recent winning streak, up 3.6 percent. They have already risen more than half in value since their May low. It was only recently that the electric car manufacturer’s surprisingly strong delivery figures gave the course fresh impetus. In addition, according to Brsians, investors are betting that Tesla can cope with the semiconductor shortage in the industry better than the competition./la/men
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