NEW YORK (dpa-AFX) – The US stock exchanges recovered quickly on Tuesday before their weak start to trading. Initial concerns about the sharp rise in oil prices eased over the course of trading. Instead, investors oriented themselves to the price gains on the stock exchanges in Asia and Europe on the previous day. These were not reproduced in the USA because no action had been taken because of the “Memorial Day” holiday.
The Dow Jones Industrial (Dow Jones 30 Industrial) hovered around Friday’s close with about two hours to go before the session ended. Most recently, it was down 0.03 percent to 33,201.73 points. On a monthly basis, an increase of 0.7 percent is currently in the offing. The best-known Wall Street index owes this primarily to bargain hunters, who last week provided the largest weekly increase since 2020. After the price slide between the end of April and mid-May, they used the lower prices to get back into the market. Signals from the US Federal Reserve (Fed), which investors see as evidence that the USmonetary policy had scored.
The market-wide S&P 500 rose last Tuesday by 0.18 percent to 4165.79 points. The technology-heavy NASDAQ 100 gained the most: It gained 0.50 percent to 12,744.97 points and is currently down 0.9 percent for the month.
The main focus was The beer stock. In the S&P 100, ConocoPhillips was up 1.1 percent and ExxonMobil was up 0.6 percent. Marathon Oil even went up 3.4 percent. However, the shares of Dow member Chevron, which were already doing well and reached record highs at times, largely gave up their gains again and recently only increased by 0.1 percent.
Overall, the oil industry benefited from the fact that the European Union (EU) wants to stop Russian oil deliveries by sea. However, transport by pipeline remains possible. According to EU Commission President Ursula von der Leyen, oil imports from Russia will be reduced by 90 percent by the end of the year.
A strong start for the movie “Top Gun – Maverick” boosted the shares of the cinema operator AMC Entertainments (AMC Entertainment A). They gained 2.9 percent. Numerous Wall Street-listed Chinese companies such as Alibaba and Baidu (Baiducom) also posted gains, each rising a little more than 3 percent. The easing of the corona lockdowns in China and improving Chinese economic data provided a boost.
After the trading hours there are also a few quarterly reports, including those from the software manufacturer Salesforce, which is listed in the Dow, and the computer veteran HP Inc (HP). While Salesforce recently fell by 0.9 percent, HP increased by 1.4 percent./ck/he
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