NEW YORK (dpa-AFX) – The US stock exchanges recovered quickly on Tuesday before their weak start to trading. Initial concerns about the sharp rise in oil prices eased over the course of trading. Instead, investors oriented themselves to the price gains on the stock exchanges in Asia and Europe on the previous day. These were not reproduced in the USA because no action had been taken because of the “Memorial Day” holiday.
Der Dow Jones Industrial hovered around Friday’s close with around two hours to go before the end of the session. Most recently, it was down 0.03 percent to 33,201.73 points. On a monthly basis, an increase of 0.7 percent is currently in the offing. The best-known Wall Street index owes this primarily to bargain hunters, who last week provided the largest weekly increase since 2020. After the price slide between the end of April and mid-May, they used the lower prices to get back into the market. Signals from the US Federal Reserve (Fed), which investors had taken as evidence of only a gradual tightening of US monetary policy, also helped.
The market-wide S&P 500 rose last Tuesday by 0.18 percent to 4165.79 points. The tech-heavy Nasdaq 100
increased the most: It gained 0.50 percent to 12,744.97 points and is currently down 0.9 percent for the month.
The main focus was on oil stocks. In the S&P 100 moved ConocoPhillips up 1.1 percent to and ExxonMobil
by 0.6 percent. For Marathon Oil
it even went up by 3.4 percent. Dow member Chevron’s already strong shares which at times reached a record high, largely gave back their gains and recently only increased by 0.1 percent.
Overall, the oil industry benefited from the fact that the European Union (EU) wants to stop Russian oil deliveries by sea. However, transport by pipeline remains possible. According to EU Commission President Ursula von der Leyen, oil imports from Russia will be reduced by 90 percent by the end of the year.
A strong start of the movie “Top Gun – Maverick” boosted the shares of the cinema operator AMC Entertainments . They gained 2.9 percent. Numerous Chinese companies listed on Wall Street, such as Alibaba, also posted price gains
and Baidu , each of which increased by a little more than three percent. The easing of the corona lockdowns in China and improving Chinese economic data provided a boost.
There are also some quarterly reports after the trading day, including one from the software manufacturer Salesforce, which is listed on the Dow
and the computer veteran HP Inc . While Salesforce recently fell by 0.9 percent, HP increased by 1.4 percent./ck/he
ISIN US2605661048 US6311011026 US78378X1072
AXC0385 2022-05-31/20:14
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