Significant recovery from the weak previous week

NEW YORK (dpa-AFX) – Der Dow Jones Industrial recovered a good bit on Monday from its loss-making week. The US benchmark index was 1.82 percent higher at 33 895.94 points.

The S&P 500, which represents the broad market rose by 1.39 percent to 4224.22 points. The tech-heavy Nasdaq 100 gained 0.67 percent to 14144.09 points and thus approached its latest record high of 14205 points.

James Bullard, the president of the regional US Federal Reserve (Fed) in St. Louis, brought a rate hike into play on Friday for next year. In addition to the great decline on the futures exchanges, this had put the prices under pressure.

Investors’ eyes are now on a hearing with Fed chief Jerome Powell before parts of the US Congress this Tuesday. It is about the central bank’s reaction to the corona pandemic. Powell’s remarks are likely to be closely tapped for clues about future monetary policy.

On Monday, the shares of the credit card provider American Express climbed to the top of the Dow, up around 4 percent. This was followed by the shares in the aircraft manufacturer Boeing and the oil company Chevron, each with profits of around three percent.

Apple’s paper rose 1.4 percent, a little less than the Dow. The German Federal Cartel Office is now using its new options for action against large digital platforms for investigations against the US computer company. “We will now check whether Apple has built a digital ecosystem around the iPhone with the proprietary iOS operating system across several markets,” announced the Cartel Office President Andreas Mundt.

The recent slide in the price of Bitcoin and other cryptocurrencies also left its mark on the shares of Nvidia and AMD, which each lost more than two percent. Both companies make processors for graphics cards that are used not only for gaming, but also for mining cryptocurrencies.

China is currently tightening its course against private-sector cryptocurrencies. Domestic banks and the giant fintech company Ant Group have been asked to stop offering crypto trading services. Many digital systems reacted to the news with significant price losses. In the course of this, the prices for graphics cards and thus the prices of the manufacturers of graphics chips came under pressure.

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