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The first month of the year has been characterized by interest rate euros and a decline in the most popular shares. On the last trading day of the week, however, all three leading indices ended with a solid rise.
- Nasdaq rose 3.41 percent
- The Dow Jones rose 1.17 percent
- The S & P500 rose 1.89 percent
Several of the large companies rose markedly: Apple is up 2.32 percent and Tesla is up 10.3 percent. However, Tesla has fallen more than 11 percent so far this year.
Two power services also attracted investors’ attention. Netflix left behind a tough week, but rises 10.86 percent on Monday. This comes after Citibank analysts jacked up the recommendation from hold to buy.
The Swedish streaming service Spotify is also in the wind, and ended the trading day with an increase of over 13 percent. The rise follows the much-publicized criticism from music artist Neil Young of Spotify’s guidelines regarding misinformation about vaccines and the coronavirus, which ended with Young removing his music from the platform last week. On Sunday, the power service announced that it would offer an “information hub” about the coronavirus.
Worst month since March 2020
The S&P 500 has experienced its worst month since March 2020, writes CNBC. The same applies to Nasdaq, which has fallen nine percent so far this year.
The S & P500 index fell more than five percent in January. The movements in the market are largely driven by the signals from US Federal Reserve Chairman Jerome Powell. Last week, Powell announced that there will most likely be an interest rate increase of 25 basis points in March.
“Basically, the Fed said that the times of hiring the market are over, and that the priority now is inflation, not the labor market,” chief analyst Michael Hewson of CMC Markets UK told Marketwatch on Monday.
Wall Street is also preparing for quarterly reporting going forward. Alphabet, ExxonMobil and Alibaba are all delivering results this week. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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