Big Tech Pushes Wall Street Towards Solid Profit Financial

The Dow Jones gained 186.14 points up 0.5%. The S & P500 is up 1% at 4197.05 points, the tech-heavy Nasdaq is gaining 1.4% at 13,661.17 points.

Space company Virgin Galactic experienced a price jump of more than 14 percent on Monday at the opening of the stock exchanges in New York.

The spacecraft VSS Unity Galactic made a successful manned test flight on Saturday. This increased confidence in the company of billionaire Richard Branson, which wants to offer commercial space travel in the short term.

The spacecraft, manned by two pilots, was launched from Spaceport America in New Mexico. The launch was an important step for the company after previous setbacks.

A test in December did not go as planned. In November 2014, Virgin suffered its biggest setback to date when the previous SpaceShipTwo model crashed during a test flight over California. A pilot was killed in the process.

Tech comes first

The gauges in New York were on the plus side. The leading Dow Jones index was up 0.4 percent at 34,327 points and the broad S&P 500 gained 0.6 percent to 4182 points. Tech gauge Nasdaq also turned green with a gain of 1 percent to 13,611 points.

The stock markets thus recovered somewhat from the losses of the past trading days, mainly due to inflation fears.

Patrick Harker, president of the Federal Reserve in Philadelphia, said in an interview with The Washington Post on Friday that the US central bank system should talk about phasing out the bond buy-back program that will support the economy as soon as possible.

According to Harker, the winding down must be done carefully so as not to trigger a shock reaction in the financial markets.

Tax increase

Furthermore, US President Joe Biden’s plan for the first major tax hike since 1993 would meet increasing resistance. The increase may need to be toned down a bit to get the plan through Congress.

In addition, oil prices went up. There are more and more signs that the recovery from the corona crisis is progressing well and with that the demand for oil is growing. This outweighed concerns about the re-launch of the Iran nuclear deal, which could potentially increase global supply if Iran regains access to markets.

According to Iran, there are still a number of steps to take before reaching an agreement.

A barrel of American oil became 1.8 percent more expensive at $ 64.72. Brent oil rose 0.7 percent in price to $ 67.58 a barrel. The euro climbed to $ 1.2219 from $ 1.2186 on Friday.

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