ROUNDUP / New York Stocks Conclusion: Tech Sector Recovery – Dow Runs Out of Air 3/9/21

NEW YORK (dpa-AFX) – Economic optimism and the temporary relaxation on the US bond market spurred the US stock exchanges on Tuesday. Progress in vaccination also supported events on the markets. Contrary to the development on the previous day, both the standard and the tech values ​​went up this time. After another record, however, there was hardly anything left for the leading index Dow Jones Industrial (Dow Jones 30 Industrial) at the close of trading, up 0.10 percent to 31,832.74 points.

The market-wide S&P 500 gained 1.42 percent to 3875.44 points. The technology-heavy NASDAQ 100, which had slipped significantly the day before, recovered noticeably with an increase of 4.03 percent to 12,794.49 points.

The Tesla shares (Tesla) stopped their decline with a price jump of almost a fifth. Apple were also on the recovery path with a plus of a good four percent.

The tech sector had been hit particularly hard by the rising yields on the bond market since mid-February. The high-growth tech stocks in particular suffer as a result, because higher returns make the financing of companies more expensive and the papers lose their attractiveness as a result. In the case of standard stocks, cyclicals and stocks of the “old economy”, however, investors see catch-up potential in the wake of the corona easing and the associated economic recovery, which is why they had recently shifted out of tech stocks.

The shares of Biontech (BioNTech (ADRs)) gained almost seven percent, those of the cooperation partner Pfizer, however, only 0.3 percent. The Covid-19 vaccine developed jointly by the two companies showed a high ability to neutralize mutant virus strains that were first discovered in Brazil, Great Britain and South Africa.

The meat substitute manufacturer Beyond Meat is expanding its collaboration with the supermarkets of the Walmart retail group. The Beyond Meat papers reacted with a plus of 3.2 percent.

Boeing shares rose by almost three percent after the publication of order numbers. Thanks to the re-registration of the 737 Max disaster and the increasing hopes of the aviation industry that the end of the Corona crisis is approaching, the Group’s business is again significantly better. For the first time in over a year, the US aircraft manufacturer was able to show a positive order balance in February.

GameStop shares continued their recent rally, up nearly 27 percent to their highest level since early February. The day before, the titles of the ailing video game retailer, which had recently been driven by speculators, had soared by more than 41 percent.

The euro rebounded somewhat from its recent losses at $ 1.19. The European Central Bank (ECB) had set the reference rate at 1.1894 (Monday: 1.1866) dollars, the dollar cost 0.8408 (0.8427) euros.

On the US bond market, prices rose significantly, the futures contract for ten-year Treasuries (T-Note Future) rose 0.38 percent to 132.37 points. The yield on ten-year government bonds fell to around 1.54 percent./ajx/mis

— By Achim Jüngling, dpa-AFX —

–