NEW YORK (dpa-AFX) – The US stock markets continued their rally of the previous week on Monday and reached further record highs. With the sixth trading day in a row, the stock exchanges also recorded the longest profit streak since August 2020. Increasingly better prospects for a robust economic stimulus package from the US government and a slowdown in corona infection rates, investors would have been positive, it said.
The Dow Jones Industrial (Dow Jones 30 Industrial) rose to a record high of 31,365 points and was most recently 0.43 percent higher at 31,280.81 points. The other leading indices also recorded highs. The market-wide S&P 500 recently gained 0.34 percent to 3900.12 points. The technology-heavy NASDAQ 100 advanced 0.28 percent to 13,642.02 points.
On the weekend the new US Treasury Secretary had Janet Yellen said the US can return to full employment in 2022 if it adopts a robust, sufficient aid package. The rising oil prices also contributed to the positive overall picture. If the pandemic is increasingly pushed back by vaccinations, restrictions on public life could be lifted. In addition to the planned US economic stimulus package, this would benefit the economy and boost oil demand.
Oil stocks such as Chevron and ExxonMobil were correspondingly strong on Monday, increasing by 2.5 and 4.1 percent respectively. Occidental Petroleum’s stocks jumped 12 percent at the top of the S&P 100 index.
The front-runner in the Dow were the shares of Walt Disney with a price increase of 4.4 percent to 189.10 US dollars. In the course of trading, the entertainment company’s paper had reached a record high of $ 190.64. Disney will report on its past quarter this Thursday.
The Apple shares (Apple), however, fell by 0.6 percent and were among the weakest Dow stocks. South Korean automakers Hyundai (Hyundai Motor) and Kia (Kia Motors) put a damper on weeks of speculation about a collaboration to build an Apple car. Hyundai and its subsidiary Kia announced that they are currently not in talks with the iPhone company about the development of autonomous vehicles.
Tesla’s shares gained 0.7 percent. The Electric car-Manufacturer opens up to digital currencies and will soon accept payments in Bitcoin for purchases of cars and other products. In addition, Tesla itself bought bitcoins worth a total of 1.5 billion dollars. The Bitcoin price drove the news on Monday to a record high of more than 43,000 dollars.
The stocks of Estee Lauder benefited from positive analyst comments and expanded their eight percent price gain from Friday with a plus of 2.9 percent. JPMorgan (JPMorgan ChaseCo) upgraded the cosmetics company’s paper by two steps from “Underweight” to “Overweight” ./edh/he
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