Stocks New York Outlook: Record hunt continues

NEW YORK (dpa-AFX) – With further price gains expected to kick off, the New York stock market indices will remain at record highs on Monday. The broker IG valued the leading index Dow Jones Industrial an hour before the opening with 31 276 points and plus 0.41 percent slightly above its current record of 31 272 points. The Dow just missed this on Friday, while the market-wide S&P 500 and the technology-heavy Nasdaq indices were able to beat their records and are likely to continue their record hunt this Monday.

The promotion of the new US Treasury Secretary Janet Yellen for the billion dollar aid package from US President Joe Biden and the prospect of a return to full employment in the coming year are creating a good mood. Market observers also referred to the vaccination campaign and data that indicated declining corona infection numbers in the USA as well.

The rising oil prices also fit into this 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 gained one and more than two percent in pre-market US trading.

Initially, a little away from the recent record high, Apple listed with pre-market minus 0.4 percent. South Korean automakers Hyundai and Kia 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.

The shares of Estee Lauder increased their share price gains of almost eight percent on Friday, with a pre-market plus of one percent, favored by positive analyst comments. JPMorgan, for example, upgraded the cosmetics manufacturer’s title from “Underweight” to “Overweight”. Analyst Andrea Teixeira wrote that the figures for the second fiscal quarter contained clear signals that the group was successfully redirecting sales from travel and branch retail to online channels much faster than expected.

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