The recovery on the US stock exchanges continued at a rapid pace on Monday. The Dow Jones Industrial (Dow Jones 30 Industrial) was able to gain two percent at the top, at the end …
NEW YORK (dpa-AFX) – The recovery on the US stock exchanges continued at a rapid pace on Monday. The Dow Jones Industrial (Dow Jones 30 Industrial) was able to gain two percent at the top, but in the end it crossed the finish line with 27,584.06 points, an increase of 1.51 percent. The next milestones are now the thousand mark of 28,000 points and the interim high at the beginning of the month at 29,199 points.
“The cops are back,” headlined the experts at the US bank Citigroup in a daily comment. Since the interim low of the previous week at 26,537 points, the Dow has made up more than 1,000 points of ground again on its third consecutive day.
Unlike last time, it has long looked as if the Dow could outperform technology stocks this time around. In the end, however, Apple, Amazon & Co overtook the rest of the field. The technology-heavy NASDAQ 100 went 1.91 percent higher at 11,364.45 points almost at the daily high. The market-wide S&P 500 gained 1.61 percent to 3351.60 points.
Experts assessed the breadth of the rise, with which standard stocks the technology stocks for a long time water as a sign that optimism about global growth and the adverse effects of the pandemic is returning. The political stalemate in the USA with the adoption of a new aid program was also discussed.
As on Friday, Boeing’s shares remained at the top of the Dow, now they have advanced by 6.4 percent to their highest level since mid-September. Here the hope rises that the crisis pilot 737 Max will soon be able to take off again. On Wednesday, the head of the US aviation authority, the FAA, Steve Dickson, wants to conduct a test flight himself. The so-called “Administrator’s Flight” is one of the last hurdles with great symbolic significance.
In the case of the transport service broker Uber, the shareholders could look forward to a price increase of 3.2 percent. According to a court ruling in London, the company can continue to offer its services. The Westminster Magistrates’ Court ruled against the withdrawal of the license in the British capital. “This is an important win for Uber,” said Markets.com analyst Neil Wilson.
In the small caps area, the focus was on a few mergers and acquisitions at the beginning of the week. The shares of the mining company Cleveland-Cliffs drove up 11.6 percent that it wants to buy the US operations of the steel producer ArcelorMittal.
WPX Energy (WPX Energy A) takes over competitor Devon Energy in another multi-billion dollar transaction, which pushed WPX shares up 16.4 percent and Devon shares up 11.1 percent. Through a share swap, WPX will ultimately hold more than half of the merged group, which will be one of the largest shale oil producers in the United States. One analyst called the transaction strategically sensible.
The papers from Caesars Entertainment also reacted with a rise of two percent to the fact that the US gaming group wants to take over the British joint venture partner William Hill. On Friday, there had already been speculation about another bid from the investor Apollo, which could now be outdone.
The exchange rate of the euro benefited on Monday from investors taking more risks again. In New York, the common currency was last traded at 1.1666 US dollars – and thus recovered from its last low since July. The European Central Bank (ECB) had meanwhile set the reference rate at 1.1670 (Friday: 1.1634) dollars. The dollar cost 0.8568 (0.8595) euros.
US Treasuries got off to a solid start into the new trading week. The futures contract for ten-year Treasuries (T-Note-Future) was unchanged at 139.63 points. The yield on ten-year bonds remained at just under 0.66 percent./tih/he
— By Timo Hausdorf, dpa-AFX —
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