At the start of trading, it initially rose to 28,400 points, the highest level since the start of the Corona stock market crash at the end of February. However, the Dow is currently lacking momentum and strength to close the large price gap by the day before the stock market crash at 28,992 points.
The market-wide S&P 500 reached another record shortly before the end. He crossed the finish line with a plus of 0.36 percent to 3443.62 points. The technology-heavy Nasdaq 100 posted an increase of 0.82 percent to 11,721.81 points and remained just below its record from the previous day.
The big technology stocks are on everyone’s lips and undoubtedly have a significant share in the rising markets, wrote analyst Michael Hewson of CMC Markets UK. The upswing is not only supported by the trillion dollar giants Amazon, Apple, Microsoft and Alphabet, but also by smaller technology stocks, the comeback of some large retailers and, in particular, continued extremely loose US monetary policy.
Price movements were ultimately also in connection with upcoming changes in the Dow Jones on Tuesday. The stock split of the index member Apple will take effect at the end of August. Because this reduces the weighting of the iPhone manufacturer in the leading index, another tech value has to close the gap. Therefore, the software manufacturer and SAP rival Salesforce, which also presented business figures after the close of trading, will take the place of the oil company ExxonMobil.
The pharmaceutical company Pfizer and the recently merged defense and aviation company Raytheon Technologies also have to give way. Successors are the biotech group Amgen and the conglomerate Honeywell. While the index climbers increased significantly with in some cases more than five percent in the case of Amgen, things clearly fell for those who were relegated. ExxonMobil lost more than three percent at the Dow end.
After the previous day’s records by the big tech stars, Facebook’s papers also hit a historic high of over $ 283 on Tuesday. At the close of trading, they gained around three and a half percent. Analyst Eric Sheridan from the Swiss bank UBS raised his target price from 242 to 330 US dollars and sees further potential.
The electronics retailer Best Buy convinced with sales for the second quarter, but disappointed with indications of the sales development in the current third. The shares sagged by a good four percent. Tiffany was also under pressure with a discount of almost four percent. The shares of the jewelry retailer, which is about to be taken over by LVMH, were troubled by media reports that the French luxury goods group is aiming for a lower purchase price.
The euro rose and cost $ 1.1834 after the US market closed. The European Central Bank (ECB) had set the reference rate at 1.1814 (Monday: 1.1847) dollars. The dollar had thus cost 0.8465 (0.8441) euros. In the US bond market, trend-setting ten-year bonds lost 9/32 points to 99 13/32 points. They yielded 0.69 percent./ajx/he
— By Achim Jüngling, dpa-AFX —
(AWP)
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