NEW YORK (dpa-AFX) – Speculations about a payment default at the US hedge fund Archegos Capital depressed the mood on Monday at the start on the US stock exchanges. However, a recovery soon set in and the most important indices turned moderately into positive territory. Optimists are still optimistic about the corona aid package worth around two trillion US dollars and the considerable progress in vaccination in the United States.
The leading index Dow Jones Industrial (Dow Jones 30 Industrial) rose 0.21 percent to 33,140.84 points around two hours before the close of trading. The market-wide S&P 500 was stable after early losses with now plus 0.01 percent to 3974.83 points and the technology-heavy NASDAQ 100 rose by 0.10 percent to 12,992.16 points.
According to the Bloomberg news agency, Archegos had to sell more than $ 20 billion worth of shares on Friday because of margin calls. The Wall Street Journal even reported sales of $ 30 billion. According to insiders, the default is also costly for some major banks. After there was already a significant downward trend in Europe for bank stocks such as Credit Suisse (Credit Suisse (CS)) and Deutsche Bank in particular, major US banks followed.
JPMorgan (JPMorgan ChaseCo) was down 1.6 percent and Citigroup lost 2.5 percent. Morgan Stanley, reportedly one of the affected banks, plummeted 2.8 percent. Goldman Sachs lost 1.1 percent, even if the bank does not expect high charges due to the exit from the business with Archegos, as Bloomberg reported, citing a person familiar with the matter. The bank’s loans to the hedge fund are fully secured and Goldman has already exited most of the positions, it said.
ViacomCBS shares, which fell 27 percent on Friday because of the hedge fund problems, recently lost another 6.5 percent. Even a purchase confirmation from Goldman Sachs was of little help. The A shares of Discovery (Discovery Communications A), meanwhile, largely recovered from their losses on Monday and recently fell by only 1.0 percent.
The papers of the aircraft manufacturer Boeing were top value in the Dow with plus 2.0 percent. After the re-registration of its unlucky 737 Max jet, the group received another major order. The US airline Southwest (Southwest Airlines) ordered 100 medium-haul jets of the 737 Max series and secured purchase options for 155 aircraft. In the Nasdaq 100, on the other hand, the papers of the Covid-19 vaccine supplier Moderna stood out without any news. They were at the bottom with minus 7.3 percent./ck/he
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