NEW YORK (awp international) – With no clear direction, US stock markets performed at the beginning of the new week. While Wall Street standard values continued their upward trajectory from past trading days, technology stocks traded on Nasdaq fell after the recent recovery rally. The focus remains on the soaring oil prices. US economic data showed little impact on prices on Monday.
The Dow Jones Industrial surpassed the highly regarded 35,000 point mark in early trading, but came back a little. Most recently, the leading index was 0.42 percent higher at 34,943.96 points. A week ago, due to concerns about the crisis in the Chinese real estate group Evergrande, the Dow fell to 33,613 points, its lowest level since mid-June, but then recovered from it.
The broader S&P 500, however, fell on Monday by 0.10 percent to 4,451.20 meters. The technology-heavy Nasdaq 100 lost 0.72 percent to 15 219.46 points.
In the USA, orders for durable goods rose much more sharply than expected in August. Orders were 1.8 percent higher than in the previous month. It is the fourth increase in a row. Analysts had expected an average growth of only 0.6 percent.
Oil prices continued their climbing course last week. This was justified with production losses in the Gulf of Mexico due to Hurricane Ida and the unexpectedly low production in the OPEC-producing countries in the past few months. The experts from Goldman Sachs raised their oil price forecast by the end of the year by 10 to 90 dollars. The global supply deficit is significantly larger than expected, while the economy is recovering faster than expected from the Covid-19 Delta variant, it said.
Among the individual stocks, oil stocks were accordingly among the best stocks. Chevron’s papers rose 2.3 percent, making them one of the top performers in the Dow. Exxon Mobil’s shares gained 3.1 percent and those of ConocoPhillips 2.5 percent.
Wells Fargo’s shares have now plummeted by more than 3 percent, but recovered in some cases and were recently around 1 percent in the red. The bank reached a settlement with the US Department of Justice for $ 37 million. The allegation was that Wells Fargo charged excessive prices from customers who used the bank’s foreign exchange services./edh/he
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